French luxury group Richemont has reported mixed results from 2017 as its big annual exhibition in Geneva gets under way.
Ahead of the Salon International de la Haute Horlogerie (SIHH) show in Geneva, Richemont has announced that it achieved a 7% third quarter revenue increase, while wholesale revenue declined 3% in the last three months of the year.
The 7% revenue increase, though impressive, is tempered by the reality of exchange rate fluctuations, which made the increase closer to just 1% overall.
Its wholesale operation unsurprisingly reported declining sales on the back of Richemont’s ongoing efforts to be more selective with its points of sale and terminating its relationships with under-performing retailers.
This has placed greater emphasis and importance on its own store network, which has continued to perform well for the luxury group, which includes brands such as Cartier, Baume et Mercier, Vacheron Constantin, IWC and Jaeger-LeCoultre.