Watch growth slows to 4% at Richemont in Q3

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Richemont’s watch brands continued to deliver growth in the third quarter, while trading in Europe was described as
"satisfactory".

Watch sales delivered an uplift of 4% to €817 million (£681.2m) in the three months to December 31, reflecting growth but at a slower rate than in the first six months of the year.

Sales at Monthblanc, which is separated from the rest of the watchmaking division in the results, fell 4% to €219 million (£182.6m).

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Total global sales at the group were up 3% to €2.94 billion (£2.45bn).

The group said that there was continuing demand for jewellery and watches but that wholesale channels delivered slower growth than retail due to caution amongst its business partners, mostly in the Asia Pacific region. Retail sales delivered growth of 7% to €1.66 billion (£1.38bn) while wholesale sales fell 2% to €1.28 billion (£1.07bn).

European sales were up 7% in the quarter, hitting €1.09 billion (£908.5). Richemont described its European sales as "satisfactory" and said the market, along with the Middle East, continued to benefit from "visitors to the region’s major tourist destinations".

The Asia Pacific region delivered growth in all major markets except for China, where sales fell in the quarter, while domestic purchases in Japan remained strong but delivered weaker growth than the first half of the year. Sales in the Americas were described as "good" led by robust retail demand, particularly for jewellery through Net-a-Porter.
 

 

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