Richemont’s Specialist Watchmakers increased sales by 3% in the crucial October to December trading period, with its internal boutiques for A. Lange & Söhne, IWC, Jaeger-LeCoultre and Vacheron Constantin growing fast enough to offset a double-digit decline in wholesale sales.
In a mixed picture, Richemont’s global scale and diversity protected it from a 3% fall in sales in its European heartland for watches and jewellery.
The United States managed to top 2022’s stellar performance over the holiday season with an 8% uplift in sales this year.
Asia was the hottest market, with Asia Pacific sales totalling over €2 billion in the quarter, a year-on-year rise of 13%. Japan turnover rose even faster, by 18%, to €514 million.
Richemont’s jewellery maisons — Buccellati, Cartier and Van Cleef & Arpels — generated the strongest sales increase, up 12%, with both jewellery and watch sales contributing.
Overall turnover for the quarter rose by 8% at constant exchange rates to €5.6 billion.
