Follow us

Menu
PARTNER WITH USFREE NEWSLETTER
VISIT TheIndustry.beauty

Richemont announces further sales growth acceleration in Q3

Jeremy Lim
19 January 2022

Luxury group Richemont, owners of Cartier and Chloé, has revealed that Q3 sales substantially exceeded pre-pandemic levels, with sales up by 38% compared to the 2019 Christmas quarter.

For the three month period ending 31 December 2021, the group's total sales rose to €5.66 billion, up 32% compared to the prior year period, driven by double-digit increases in all regions, channels and business areas.

Swiss-based Richemont, which also controls Yoox Net-A-Porter, said its jewellery maisons, including Van Cleef & Arpels and Buccellati saw sales growth of 38% at constant exchange rates, and up 41% at actual exchange rates.

The fashion and accessories maisons saw sales growth of 37% at constant exchange rates, sustained by Chloé, Montblanc and Peter Millar.

Specialist watchmakers, including IWC Schaffhausen, Jaeger-LeCoultre and Piaget saw sales growth of 25% at constant exchange rates, up 29% at actual exchange rates.

The group added that retail generated the strongest channel performance, with sales up by 45%, followed by online retail sales up by 19% and wholesale sales up by 14%. Direct sales to consumers have further increased to reach 78% of group sales compared to 75% in the prior year period.

For the nine-month period ending 31 December 2021,  the group's sales increased by 50% at constant exchange rates and by 51% at actual exchange rates compared to the prior year period, a further improvement over the strong performance in the first six months of the financial year.

Richemont's net cash position at 31 December 2021 amounted to €4.9 billion, compared to € 2.9 billion in 2020.

Free NewsletterVISIT TheIndustry.beauty
cross