Group reports outstanding sales in China, with Japan up 10 percent.
Luxury jeweller Bulgari Group has released what it describes as "brilliant sales results" for the first quarter of 2011, with strong recovery in watches and outstanding performance in China.
The group has seen turnover peark at €253.8mn, an increase of 27.5 percent at current exchange rates. It has also noted an increase in watch sales of almost 22 percent, while growth in China and Japan have hit 76 percent and 10.5 percent respectively.
The results are comparable to last year, with overall turnover up 22.3 percent compared to Q1 2009-10. The general recovery of the economy, together with an extremely competitive offer in all product categories, very impactful communication initiatives and a constant improvement of the shopping experience have all had a positive influence on the group’s turnover.
During the quarter, all product categories registered a double digit growth with a strong recovery in the watch segment, which increased 21.9 percent. Sales performance has been described as "outstanding" in the core business of jewellery, which increased by 29.3 percent.
In terms of which markets have been particularly successful for Bulgari, Asia stood out overall with a 33.5 percent increase in sales, with a special mention of the growth of Japan of 10.5 percent, despite the prolonged closure of the shops after the earthquake and tsunami. Europe rose by 16.5 percent, with Italy alone increasing by 7.8 percent, while the Americas rose by 20.2 percent and the Middle East continued to show improvements with a "robust" 59.8 percent growth.
Overall sales of jewellery hit €114m, totalling 44.9 percent of revenue, while watch sales totalled €50.6m, at 19.9 percent of sales.