PARIS – Compagnie Financière Richemont continue reported strong sales, with double-digit increases in the third quarter ended December 31 across all regions, channels and business sectors compared to both 2020 and 2019, before the translation occurs.
Revenue for the Swiss luxurious group grew 35 percent to 5.66 billion euros in reported terms in the previous year period and 32 percent at constant currency rates, significantly outperforming consensus estimates. Compared to the same period in 2019, they have increased by 36% and 38% respectively.
For its core jewelry business, sales jumped 41% in reported terms to €3.34 billion year-on-year, representing a 55% increase year-on-year. same period in 2019. Growth was “based on a broad spectrum of product lines and price points,” the company said.
The watchmaking specialist division grew 29% to 977 million euros, or 19%, over a three-month period in 2019, said Richemont.
Other businesses, including fashion and accessories brands Alaïa, AZ Factory, Chloé, Dunhill, Montblanc and Peter Millar, also saw strong gains, with revenue up 40% to €610 million, up 17% in the third quarter. 2019. Growth has been sustained by the Chloé, Montblanc and Peter Millar brands, the company said. In the like-for-like structure – except Delvaux the business was acquired last June – the division’s sales grew 11% in Q3 2019.
By region, the increase was particularly strong in the Americas, where sales jumped 59% to 1.33 billion euros year-on-year in reported terms, and in Europe, with revenue up 44% to 1.41 billion euros. In Asia-Pacific, excluding Japan, revenue increased 23% to €2.13 billion, while in Japan, increased 16% to €389 million. In the Middle East and Africa, sales increased 33% to 398 million euros.
Breaking down by distribution channel, retail sales increased 49% to 3.4 billion, while online retail business increased 22% to 1.03 billion. “Direct-to-consumer sales strengthened further to reach 78% of group sales compared with 75% in the year-ago period,” the Swiss company announced.
https://wwd.com/business-news/financial/richemont-ongoing-strong-performance-q3-1235039242/ Richemont Sees Strong Performance in Q3 – WWD