Richemont’s Sales Fall in China, Go Way Up in the US and Europe
Switzerland-based luxury goods holding company Richemont, which owns Cartier, Van Cleef & Arpels, Jaeger-leCoultre and Piaget, among other brands, has reported its sales performance in Q2 (ended June). According to IDEX Online, sales grew 12% year-on-year to $5.27 billion during the period.
Richemont reported 20% sales growth in its jewelry maisons and an 18% increase at its specialist watchmakers. Sales in Europe increased 42%, sales in the US went up 25%, and sales in Japan went up 75%. However, sales in China plunged 37%.
According to the company, “despite the disruption experienced in China, the Jewellery Maisons generated a 12 per cent sales growth benefitting from thriving retail sales and solid jewelry and watch sales at Buccellati, Cartier and Van Cleef & Arpels.”