Richemont Jewellery Sales Resilient in Decline

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Richemont’s jewellery sales met a decline in the first fiscal half of the year, with jewellery sales slipping 2 per cent to USD $2.19 billion in the six months that ended on September 30. Watches also fell 25 per cent to USD $2.34 billion, which is a result of less demand from consumers for fine watches. Sales at Richemont’s jewellery maisons, including Cartier, Van Cleef & Arpels and Giampiero Bodino, dropped 13 per cent mainly because of the slump in watch revenue.

On a separate note, Richemont said chief executive officer Richard Lepeu and chief financial officer Gary Saage will retire next year. Other changes happening on the Richemont board include board members stepping down as well as new members being appointed head of watchmaking and head of operations.

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