Richemont has reported resilient sales for the first quarter, ending June 30, despite facing broader economic challenges. The Swiss luxury conglomerate navigated tough year-on-year comparisons and a slowdown in the Asia Pacific region, according to Diamond World.
Richemont’s jewelry maisons, including such prestigious brands like Cartier and Van Cleef & Arpels, achieved a 2% rise in sales to €3.59 billion (about $3.9 billion), driven by strong demand in both jewelry and watches, although wholesale channels and the Asia Pacific region saw some downturns
Regionally, Richemont experienced growth in most areas except the Asia Pacific, where sales fell by 19%. Europe recorded a 4% increase, the Americas showed an 11% rise, Japan surged by 42%, and the Middle East & Africa registered a 9% uptick. The boost in Japan was particularly notable, driven by local consumer spending and increased tourism, benefiting from a favorable exchange rate. Richemont’s Specialist Watchmakers division faced challenges, with a 13% decline in sales.
Overall, Richemont reported consolidated sales of €5.3 billion (about $5.7 billion) on for the first quarter.
