Q4 watch and jewellery sales increase at Richemont
Sales at constant exchange rates increased by 24% at Swiss luxury goods group Richemont for the three months ended December 31, 2011, with watch and jewellery sales also showing growth.
The Group, whose watch and jewellery brands include Cartier, IWC Schaffhausen, Van Cleef & Arpels, Jaeger-LeCoultre, Piaget, Vacheron Constantin and A Lange & Söhne, reported that jewellery sales were up 25% for the three months between October and December 2011, compared to the 2010 Q4 results, and reached €1,363 million (£1,127 million) and that the specialist watchmaking sales increased by 27%.
Total sales for the group, up 24%, were €2,619 million (£2,166 million,) and in Europe – compared to the same time frame in 2010 – overall sales had increased by 15% and 36% in Asia-Pacific.
Talking about the three month’s sales, executive chairman and group chief executive officer Johann Rupert said: “The Group’s overall performance remains solid. The growth in sales reflects growing demand in Asia-Pacific, our Maisons’ creativity and the lasting appeal of our products.
“As expected, the slowdown in sales growth relative to the first six months of the current financial year reflects a combination of more demanding comparative figures as well as the volatile and challenging economic environment. Sales in the month of December were 21% above the prior period at actual and constant exchange rates.
“The Group’s activities over the past nine months enable us to reconfirm our expectations that operating profit for the full year will be significantly higher than last year.”
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