Sales at Richemont — the owner of Cartier and Van Cleef& Arpels — increased 10% in the past fiscal year, with sales growing in all regions and channels.
Proceeds from the category rose to EUR 7.08 billion ($7.91 billion) in the 12 months ending March 31. Sales in the watch division grew 10% to EUR 2.98 billion ($3.33 billion), the company reported Friday.
The results reflected strong client demand, the company said. Jewelry accounted for 36% of group sales, while the watch division comprised 35%. They are the group’s two largest product lines.
“In jewelry, growth was sustained by iconic collections…as well as the introduction of new jewelry creations, such as [Les Galaxies de Cartier] or Frivole at Van Cleef& Arpels,” Richemont’s chief financial officer, Burkhart Grund, said in an earnings call transcribed by Seeking Alpha. “All had a positive impact on sales,”
Operating profit for the jewelry division increased 16% to EUR 2.23 billion ($2.49 billion) for the year. Asia Pacific and the Americas showed the strongest growth in jewelry, Richemont added.
Group sales jumped 27% to EUR 13.99 billion ($15.62 billion), while profit more than doubled to EUR 2.79 billion ($3.11 billion) from EUR 1.22 billion ($1.36 billion) a year ago.
Courtesy - Rapaport
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