Richemont sales soar by over a third

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European region accounts for 41 percent of total sales.

Richemont has reported a sales increase of 37 percent (at actual exchange rates) for the five months leading to August 31, compared with the same period the previous year.

At constant exchange rates and excluding the acquisition of NET-A-PORTER, retail sales improved overall by 24 percent.

Europe (including the Middle East) accounted for the largest proportion of sales at 41 percent. The Americas, however, was the region that showed the most growth, with an improvement of 52 percent. Asia-Pacific followed closely behind on 51 percent.

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Favourable exchange rates led to a 22 percent sales growth in Japan, though at constant exchange rates this dropped to just four percent.

Richemont executive chairman and group chief executive Johann Rupert said: “The improved trading environment is certainly welcomed. However, it is far too soon to draw any conclusions about the sustainability of the economic recovery or whether the recession is truly behind us.

He added: “This time last year we were still seeing falling sales. This year, with double-digit sales growth already in hand, Richemont will report significantly higher first half profit. However, the rest of the year is less straightforward. In the second half of last year, we saw some recovery in sales, setting higher comparative figures against which sales in the six months from October to March will be measured. Relative to the present conditions, those comparative figures were achieved with a weaker euro against the dollar and yen. Compared to the second half of last year, the current strength of the Swiss franc will be negative for the cost of sales.”

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