Shares in luxury goods group Richemont were up more than 5% in early trade on Friday after it reported a 4% rise in full-year sales, led by a strong performance of its Jewellery Maisons.
The group said on Friday that its sales for the year ended March rose to €21.4bn (R432.25bn) from €20.6bn a year ago. Fourth quarter sales were 8% higher, with Jewellery Maisons up at double digits.
Shortly after 10am on the JSE, Richemont’s shares were up 5.76% at R3,520.85, taking its gains in the year to date to 23%.
The group, whose brands include Cartier, Van Cleef & Arpels, Montblanc and Piaget, recorded double-digit growth across all regions, except for Asia Pacific, further rebalancing the group’s regional mix.
The strong performance at Jewellery Maisons, where sales were up 8% at actual and constant exchange rates, were countered by a 13% decline in sales at Specialist Watchmakers. Its “other” business, sales were up 7% at actual and constant exchange rates.
Operating profit was down 7% at €4.5bn, including €72m of non-recurring costs, and profit for the year from continuing operations was 1% lower at €3.76bn.
The board proposes to pay an ordinary dividend of Sf3 per share.
“In a persistently uncertain macroeconomic and geopolitical environment, we maintained our focus on nurturing Maisons’ current and future growth, investing in our distribution network, manufacturing assets and quality craftsmanship,” chair Johann Rupert said.
After a resilient first half, sales performance accelerated in the second part of the year, with a 10% rise in the third quarter followed by 8% in the fourth quarter at actual exchange rates.
Notable growth rates included Europe at 10%, the Americas at 16%, Japan at 25% and Middle East & Africa at 15% at actual exchange rates. Direct to client sales rose further driven by both retail and online, overall representing 76% of group sales, he said.
“With a renewed leadership team and governance structure, the completion of seamless management transitions across several Maisons, and our teams of talented professionals committed to creativity and innovation, we are well-positioned to guide Richemont through its next phase of development,” said Rupert.
He added that while global uncertainties would continue to require strong agility and discipline, Richemont had solid foundations for sustained value creation over time, built on its leading Maisons’ unique heritage and the group’s increasingly balanced and tailored regional presence.
Update: May 16 2025
This article has been updated to include share the price movement
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