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Richemont watch sales surge by 25%

Richemont’s Specialist Watchmakers’ sales are now well above pre-pandemic 2019.

Richemont watch sales rose by 25%, year on year, in the final three months of 2021.

For the nine months from April to December last year, Richemont’s Specialist Watchmakers saw sales increase by 20% over the same period in pre-pandemic 2019, with double-digit growth in most regions and watch brands.

Cartier is Richemont’s biggest watch brand, followed by IWC, Jaeger-LeCoultre, Vacheron Constantin and Panerai.

The group also reported a massive rise in sales across all categories in the Americas and Europe of 55% and 42% respectively.

Sales in the Americas and Europe are also back well above the final quarter of 2019 (+59% and +12%), before the pandemic struck.

Richemont, which has been accused by retail partners of focusing too heavily on China and other Asian markets over the past decade, suggests the acceleration in the West is welcome.

Regional sales mix continued to be rebalanced with Asia Pacific accounting for 38% of group sales, followed by Europe and the Americas, at 25% and 23% respectively. Japan and Middle East and Africa each contributed 7%.

Richemont’s jewellery maisons — Buccellati, Cartier and Van Cleef & Arpels — performed best of all with 57% growth worldwide for the nine months from April to December 2021 over the same period in 2019.

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