Richemont, the Switzerland-based luxury goods holding company, reported that both Cartier and Van Cleef & Arpels did “exceptionally well in a volatile environment” in its latest financial results.
Across both brands, which make up Richemont’s “Jewellery Maisons” division, sales grew six per cent in constant exchange rates and 20 per cent in actual exchange rates over a five-month period that ended August 31.
Additionally, overall sales for the company rose 4 per cent at constant exchange rates and 16 per cent in actual exchange rates, beating market expectations and encouraging investors despite the current weakness in the Asian market.
Richemont’s statement also noted “positive performances” from its Montblanc and Chloé brands.
Conversely, the company’s watchmaker division saw a one per cent decline in sales in constant exchange rates for the period. However, they also noted a 10 per cent rise in local currency, with brands suffering from weak demand in the Asia-Pacific region but finding stronger results elsewhere. CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
