BREAKING NEWS: Richemont sales surge by 50% in the UK

richemont-office

Richemont UK Limited recorded a 49.4% rise in sales of  in the 12 months to March 31, 2017.

Turnover for the luxury watch and jewellery group surged from £73.31 million in the 2016 financial year to £109.53 this year.

Operating profit rose in line with turnover by 50% from £6.3 million last year to £9.4 million.

Story continues below
Advertisement

Richemont UK Limited provides very little commentary in its audited accounts filed with Companies House, and finance director Greig Catto could not be reached this morning.

A statement signed by Rupert Brooks, brand lead legal counsel for Richemont says: “The directors consider the position of the Company at the end of the year to be satisfactory”.

 

Richemont UK Limited turnover

 

Richemont UK Limited operating profit

 

The UK operation is responsible for all directly-operated boutiques for brands including Jaeger-LeCoultre, IWC, Piaget and Vacheron Constantin as well as distribution to retailers of most Richemont Group brands.

Jewellery and watch giant Cartier Limited, which files its own company accounts, reported a 31% increase in sales in the year to March 31 with turnover of £137.4 million and operating profit of £15.35 million, almost five times higher than the £3.2 million earned in 2015-16.

The financial results of Montblanc (UK) Limited were also reported separately, although the business was converted to a wholly-owned subsidiary of Richemont UK Limited on March 31, 2017. Montblanc’s UK turnover in 2015-16 was £22.15 million. The company does not report how much of this turnover comes from watches.

The 50% hike in turnover for Richemont is comfortably the highest growth rate of the major watch groups operating in the UK this year.

Swatch Group’s turnover increased by 23% in the year ended December 31, 2016.

LVMH saw UK sales rise by 30% last year.

Rolex is yet to report its 2016-17 financial results. Patek Philippe sales rose 15% to £142 million in the 12 months to January 31, 2017.

Authors

*

Related posts

Top