Richemont Sales Returned to Growth During Holiday Quarter

Richemont Sales Returned to Growth During Holiday Quarter

The Swiss luxury group’s sales for the quarter ending December 31 grew 5 percent excluding foreign exchange effects, Richemont said in a statement Wednesday.

Richemont’s sales bounced back stronger than analysts had predicted after plunging during the coronavirus pandemic, with its jewellery division, whose brands include Cartier and Van Cleef & Arpels, leading the charge with sales up 14 percent.

In terms of geographies, Asia Pacific drove the rebound, rising 25 percent, while Europe continued to report a steep decline, down 20 percent.

The numbers are the latest sign of just how much Asia’s rising importance to the luxury sector accelerated during the pandemic, as well as indicating that in the jewellery market, luxury houses’ push to take market share from unbranded players is proceeding unabated.

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