Richemont sales up 4% in the first 5 months of 2015
Richemont Group reports sales for the five months ended 31 August 2015 increased by 4 % at constant exchange rates. At actual exchange rates, sales rose by 16 %, positively impacted by the weakening of the euro against the US dollar and related currencies, as well as the strong performance of the Maisons’ boutiques. The Cartier and Van Cleef & Arpels Maisons performed exceptionally well in a volatile environment.
Mainland China resumed growth with retail sales growing at a strong double-digit rate, overcoming lower wholesale demand; other markets in the region saw positive developments. Sales growth in the Americas was subdued, supported by High Jewellery, Fashion & Accessories and e-commerce. Japan enjoyed strong momentum, both from local and tourist demand, helped by a weak Yen.
Retail was strong overall, with many Maisons reporting double-digit growth supported by strong jewellery, High Jewellery, and Leather sales. Of particular note was the high growth in sales through the Maisons’ own boutiques in Europe and Japan. The marked decrease in wholesale sales reflected the negative trend in the Asia Pacific region, where the environment continues to be extremely challenging.
By business area, the performance reflected the comments above for sales by region and channel. In their own boutiques, the Jewellery Maisons also reported growth in watch sales.The Specialist Watchmakers suffered from weak demand in the Asia Pacific region, offsetting good momentum elsewhere. Richemont’s other businesses reported good growth overall, with the negative impact on sales from ongoing reorganisations at Alfred Dunhill and Lancel being more than counterbalanced by the positive performances at Montblanc, Chloé and Peter Millar.