Strong demand in China lifts Richemont
By Abigail Townsend
Date: Thursday 18 Jan 2024
(Sharecast News) - Shares in Richemont sparked on Thursday after the Swiss owner of Cartier posted a jump in quarterly sales, driven by strong demand in China.
The luxury goods specialist, which also owns Van Cleef & Arpels, Piaget, IWC, Chloe and Montblanc, said sales in the three months to 31 December rose 8% to €5.6bn on a constant currency basis.
Most analysts had forecast sales closer to €5.2bn.
Sales in Asia Pacific rose 13% to €2bn, fuelled by a 25% surge in sales across mainland China, Hong Kong and Macau. In Japan, sales jumped 18% to €514m.
The strong performance in China and the wider region helped offset a weaker performance in Europe, where sales fell 3% to €1.2bn.
Richemont said there had been an overall reduction in tourist spending in the region.
Richemont's jewellery maisons - the group's biggest arm - reported a 12% jump in sales to €4bn.
As at 1345 GMT, shares in the Zurich-listed firm, which also owns online retailer Net-A- Porter, were up 10%.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN