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Swiss luxury goods company Richemont has reported increasing sales in the opening half of the financial year as demand improved in multiple regions. | Source: Richemont
Swiss luxury goods company Richemont has reported increasing sales in the opening half of the financial year as demand improved in multiple regions. | Source: Richemont

Signs of recovery: Strong sales for Richemont

Swiss luxury goods company Richemont has reported increasing sales in the opening half of the financial year as demand improved in multiple regions.

Richemont was founded in 1988 and owns luxury brands such as Buccellati, Cartier, Vacheron Constantin, and Van Cleef & Arpels, among others.

Sales from the company’s jewellery brands increased by 10 per cent on a year-on-year comparison, reaching €6.95 billion ($AU11.67 billion) for the six-month period.

Johann Rupert, Richemont chairman
Johann Rupert, Richemont chairman
"We are gaining market share in jewellery. I’m not saying the total market is growing, but we are outperforming our competitors."
Johann Rupert, Richemont

“There has been a moderation in demand, which was to be expected because that’s exactly what the central banks of the world intend. They wanted less demand, and it’s across all asset classes,” chair Johann Rupert told The Financial Times.

“We are gaining market share in jewellery. I’m not saying the total market is growing, but we are outperforming our competitors.”

Sales increased in the Asia Pacific region by 14 per cent, which the report attributed to the easing of pandemic restrictions in Hong Kong and China. Sales in Europe and the US were stable.

Rupert added: “We had predicted that China’s [recovery] will take quite a bit longer than most of the market analysts and even competitors expected.”

“That’s proving to be correct, though we’re starting to see signs when they travel to Hong Kong, Macau, even Japan, that the market is still there; it is just the feelgood factor is not.”

Group revenue increased by six per cent to €10.22 billion ($AU17.16 billion) for the period ending 30 September.

Fluctuations in Richemont (CFR) share price over the past six months.


More reading
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Rumours suggest LVMH mulling takeover of Richemont
Sales woes in China for Richemont
Richemont cautious heading into 2023

 











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