Luxury goods group Richemont had a strong third quarter, led by its Jewellery Maisons, with growth across all regions at constant exchange rates.
The group, which owns brands such as Cartier, Van Cleef & Arpels, Montblanc and Piaget, reported sales of €6.4bn (R122.1bn) for the quarter ended December, up 11% at constant exchange rates and by 4% at actual rates.
The group said in a statement on Thursdaysales at Jewellery Maisons rose 14% at constant rates and there was further improvement at Specialist Watchmakers, where sales increased by 7%. Sales at its Fashion and Accessories maisons grew by 3%.
The group reported growth across all regions at constant exchange rates in the quarter, which included the festive season, with double-digit performances in the Americas, Japan and Middle East and Africa.
Sales through the retail channel increased by 12%, with broad-based strength across regions and business areas. Retail represented 72% of overall group sales, while wholesale sales rose 9% and online retail sales were up 5%.
The four Jewellery Maisons — Buccellati, Cartier, Van Cleef & Arpels and Vhernier — delivered a 14% increase in sales, marking another successful festive season across all the Maisons.
Specialist Watchmakers recorded a second consecutive positive quarter, with sales up by 7% and growth across all regions, including double-digit performances in the Americas and Middle East and Africa.
Sales for the nine months ended December amounted to €17bn (R324.5bn), up by 10% at constant exchange rates and 5% at actual rates.
The group said it was operating in a “complex macroeconomic environment” marked by weaker main trading currencies and rising material costs were continuing to weigh on margins.
Richemont ended the quarter with a net cash position of €7.6bn (R145bn).
The group will report full-year results on May 22.
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