Richemont sales rose by 8% to €5.4 billion ($5.82 billion) in the last three months of 2022, or 5% at constant currencies.
Growth was below a market consensus of €5.7 billion, according to Reuters, a performance blamed on the chaotic end to China’s zero covid policy, which trimmed turnover by a quarter in the country (excluding Hong Kong).
The group’s Jewellery Maisons — Buccellati, Cartier and Van Cleef & Arpels — saw sales grow by 8%. Jewellery grew faster than watches for the three brands, Richemont reports.
For Specialist Watchmakers, home to A. Lange & Söhne, IWC, Jaeger-LeCoultre, Panerai, Baume & Mercier and Vacheron Constantin, sales fell by 5%, led by double digit falls in Asia Pacific.
Sales rose in Japan and Europe rose by over 10%.
Richemont reports that “performance varied” across the watch brands, but singled out A. Lange & Söhne and Vacheron Constantin for outperforming their peers.
Growth in the Americas for all of Richemont’s portfolio slowed to 3% in the final three months of the year, suggesting a soft landing for the luxury goods sector is already underway in what is the hottest market in the world right now for premium watches.
