Luxury concern Richemont achieved third quarter growth

In its third quarter, Swiss luxury group Richemont generated a 3.09 billion euro turnover, up 6 % compared to the year before. This performance surpassed analysts’ expectations.

Strong growth in jewelry sales

European turnover grew 3 % after a 17 % slump over its first two quarters. North American turnover also grew 8 % partially thanks to Cartier’s reopening in New York. Even though Hong Kong still experienced setbacks, Asian turnover nevertheless grew 10 %, mainly thanks to strong growth in the rest of China and South Korea. Japanese turnover did slump 1 %, which could have been much worse if it had not been for Cartier’s reopening in Tokyo. The Middle East and Africa also experienced a 1 % drop.

Richemont’s jewelry division performed best, with an 8 % turnover increase to 1.75 billion euro. The watch division did not perform as admirably, with a 2 % turnover drop compared to last year. Richemont also added that particularly its Chloé, Montblanc and Peter Millar brands performed well.