Richemont cartier montblanc turnover

BREAKING NEWS: Richemont’s UK sales rise to £306 million in latest financial year

Sales at Richemont UK and its subsidiary brands including Cartier rose by 12% in its latest financial year to £306 million.

Cartier’s UK sales rose by 19% to £163 million; over half of Richemont UK’s turnover.

The data covers the year ending March 31, 2018, and all turnover figures are are a mixture of wholesale prices or direct to consumer sales via Richemont-owned stores.

Operating profit at Richemont UK Limited increased from £9.4 million to £11.5 million.

Operating profit at Cartier UK Limited was flat on the prior year at £15.5 million.

 

Cartier turnover

 

Cartier operating profit

 

Investment bank RBC Capital Markets estimates that Cartier’s world-wide watch business accounts for around 35% of sales, with jewellery and accessories adding up to the remaining 65%.

 

Cartier sales breakdown
Source: RBC Capital Markets estimates.

 

If that breakdown is the same in the UK — Richemont does not provide this level of detail in its annual accounts — Cartier watch sales in the UK would be worth £57 million.

To put that in context, Patek Philippe sales in the UK were £142 million in the year ending January 2017. Breitling’s UK sales totalled £42 million in 2016.

Richemont UK Limited, alone, saw sales rise 30% in 2017-18 to £142.6 million. The figure includes Montblanc UK sales for the first time. Montblanc had sales of £26 million in 2016-17. This suggests that all other Richemont brands, including Jaeger-LeCoultre, IWC, Baume & Mercier and Vacheron Constantin, saw an increase in sales of around £10 million (wholesale) in the UK last year.

 

Richemont turnover

 

Richemont operating profit

 

The contribution of UK sales to Richemont’s global turnover rose from 2% of the worldwide total in 2016-17 to 3% in the year ending in March this year.

That is still half what might be expected given that the UK represents 6% of global exports of all Swiss watchmakers, according to Federation of Swiss Watch Industry figures for 2017.

 

Richemont uk sales contribution 2016 17

 

Richemont uk sales contribution 2017 18

Richemont cartier montblanc turnover

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