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STATE OF THE NATION’S TOP 10 WATCHMAKERS: No.3 – Richemont UK Ltd

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Richemont has two sets of accounts in the UK. Cartier reports separately, and all other maisons are grouped into Richemont UK Ltd. That includes sales from directly operated stores in the UK but does not, in the financial year ended March 31, 2018, including sales from Yoox, Net-A-Porter, Mr Porter or Watchfinder.

Richemont UK Limited, alone, saw sales rise 30% in 2017-18 to £142.6 million. The figure includes Montblanc UK sales for the first time. Montblanc had sales of £26 million in 2016-17.

This suggests that all other Richemont brands, including Jaeger-LeCoultre, IWC, Baume & Mercier and Vacheron Constantin, saw an increase in sales of around £10 million (wholesale) in the UK last year.

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Operating profit increased by 23% to £12 million.

The contribution of UK sales to Richemont’s global turnover rose from 2% of the worldwide total in 2016-17 to 3% in the year ending in March this year, according to trading statements from the publicly listed company.

That is still half what might be expected given that the UK represents 6% of global exports of all Swiss watchmakers, according to Federation of Swiss Watch Industry figures for 2017.

 

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