Richemont on high as jewellery sales jump 8%

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Luxury group’s Geneva AGM reveals positive upswing across the board.

Luxury goods group Richemont reported growth in its jewellery and watch sales in the five months to August 31 at its AGM in Geneva yesterday.

The company, which owns jewellery brands including Cartier, Piaget and Van Cleef & Arpels, reported jewellery sales growth of 8% at constant exchange rates during the period.

Richemont also reported improvement to its watch sales, with sales up 13% across the group’s brands, including IWC, Panerai, and A Lange & Sohne.

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Overall group sales were up 9% in the five months at constant exchange rates. At actual exchange rates, sales rose by 4%, said to have been negatively impacted by the weakening of the US dollar and the yen against the euro.

Sales in Europe and the Middle East were up 10% for the group, while its overall retail performance improved 10% and wholesale grew 7%.

A statement from Richemont said: "Sales growth was satisfactory across all regions in view of demanding comparatives in Europe, the Middle-East and Asia-Pacific. European and Middle-Eastern sales continued to benefit from visitors in major tourist destinations.

"Sales growth in the Americas was strong, primarily achieved through the sustained momentum of jewellery sales. The Jewellery maisons and specialist watchmakers performed well in an uncertain economic environment".

The company’s chairman Johann Rupert revealed at the Geneva meeting that in light of his upcoming sabbatical year he will not be standing for re-election to the board of directors in the year ahead. Yves-Andre Istel will assume the role of chairman during Rupert’s absence and Josua Malherbe will assume the role of deputy chairman.

Richemont’s interim results for the six-month period to September 30 2013 will be released on November 8 2013.
 

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