Richemont Group reports 9% sales growth in Q3, bosted by Americas
World’s second largest luxury group, Richemont, reports a 9% sales growth for the third quarter of 2013 ending 31 Dec, to a total of € 2,94 billion, with satisfactory performance in all regions. Japan, the Americas and Europe/Middle East were the best performing regions, while Asia Pacific recorded a slow down in growth to only 6% percent increase. Retail sales increased by 14% versus only 3% in the wholesale channels.
All major markets in Asia Pacific reported growth, except for mainland China, which reported lower sales. Sales growth in the Americas region was good, led by robust retail demand, in particular in jewellery and at the Net-a-Porter Group. Domestic purchases in Japan remained strong, although the rate of sales growth slowed down compared to the first six months of the current financial year.
The Jewellery Maisons reported solid sales growth in their own boutique networks. The Group’s Watchmakers enjoyed continued growth during the period, albeit at a lower rate than the first six months of the year. Sales of the Montblanc Maison were in line with the comparative period.
In the Group’s other businesses, the Net-a-Porter Group continued to report growth well above the Group average. The Group’s net cash position at 31 December 2013 amounted to € 4.3 billion (2012: € 3.0 billion).