By Allegra Catelli.
Richemont sales jumped to a record in the final months of last year as holiday shoppers splurged on its watches and Cartier jewelry, led by demand in the US and the Middle East.
Sales on a constant currency basis climbed 11% in the fiscal third quarter, the Swiss luxury group said in a statement on Thursday. That beat the 7.5% average estimate of analysts. Sales at the jewelry division rose 14%, also topping expectations.
All divisions generated growth, including specialist watchmakers with a 7% sales increase — a particularly strong figure given recent weakness in the wider watch market. US tariffs, foreign exchange and rising materials costs had lowered expectations for the unit, which includes brands such as Jaeger-LeCoultre and Piaget.
Richemont has weathered a downturn in the luxury industry better than most of its rivals because of the appeal of its pricey rings and bracelets, which are often viewed as a better store of value than expensive apparel and leather goods.
In the December quarter, demand was strong in the Americas, while tourists from the Middle East stoked sales in Europe, the company said.
The final months of the year are the most important for luxury labels because of holiday spending, and Richemont’s performance may boost hopes that the broader slump in the sector — particularly in China — is subsiding. Hong Kong sales boosted the company’s performance in the region, while Japan also outperformed with a 17% increase in sales.
Richemont shares gained 4.5% on Tradegate versus Wednesday’s close in Zurich. The stock has climbed 26% in the past year, outperforming France’s LVMH, the world’s largest luxury group, which is little changed.
Earlier this week, Brunello Cucinelli SpA posted a reassuring set of numbers according to analysts, who welcomed a relatively quiet release considering recent volatility in the sector. The Italian brand sells cashmere and vicuña bomber jackets.
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