Richemont is crediting the UK market as the key contributor to 3% sales growth across Europe in the final three months of 2016.
The in crease in sales, which include jewellery and watches across wholesale and retail channels, is a dramatic turnaround from a 17% decline registered in the first six months of last year.
“The improvement was primarily driven by robust local sales and tourist purchases in the United Kingdom as well as strong jewellery sales across the region,” Richemont said in a trading statement.
Global luxury watch sales were down by 2%, an improvement over the first six months of the year. For the first nine months of Richemont’s financial year (April-December 2016) its Specialist Watchmakers’ revenue fell 12%.
Richemont’s Jeweller Masons are Cartier, Van Cleef & Arpels and Giampiero Bodino. Its Specialist Watchmakers are A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren Watch and Jewelry joint venture.
The group’s latest financial report did not separate out watch sales from jewellery sales in the UK.