Strong summer in Europe for Richemont Group

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Richemont has reported steady sales growth in Europe in the last five months while global sales bore the brunt of currency fluctuations.

Sales across the Swiss group’s luxury brands in Europe and the Middle East increased by 6% in the five month period leading up to August 31 this year. There was no movement in sale in the Asia-Pacific region, which when taking into account exchange rates saw a 2% dip in sales. Japan suffered an 8% drop in sales, attributed to strong sales in the previous period in the lead-up to a sales tax hike, which resulted in a disastrous 14% dip.

Strong growth of 12% in the Americas was curtailed by a weakening dollar leading to an actual increase of 7%.

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Sales across the group’s watch brands, which include Panerai, IWC, Jaeger-LeCoultre and Vacheron Constantin, rose by 4% (2% in real terms). It was also noted before the company’s AGM today that Cartier jewellery outperformed Cartier watch sales, which suffered ‘from weak demand and destocking’.

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