Panthère de Cartier bracelet in white gold
Luxury group Richemont posted an overall year-on-year growth of 6 per cent in the three months ending December 31, 2019, citing strong performance of its fine jewellery business.
The group's jewellery arm registered a 9 per cent increase in sales during the period in review as luxury jewellers Cartier, Van Cleef & Arpels and Buccellati performed positively despite protests-driven uncertainties in the Hong Kong market.
Specialist watchmakers meanwhile recorded a modest sales improvement of 4 per cent, “notwithstanding a challenging situation in Hong Kong, with higher sales in directly operated boutiques and wholesale sales broadly in line with the prior year period,” the company said.
According to Richemont, overall sales were up 9 per cent in Europe due to favourable comparative numbers and strong sales in most markets. Asia Pacific registered a 2 per cent increase, driven by strong double-digit sales growth in China and Korea, which more than offset a severe sales contraction in Hong Kong and contrasted performances in other Asian markets.
Sales in the Americas rose 5 per cent while those in the Middle East and Africa were up 3 per cent. Sales in Japan fell by 7 per cent largely due to lower tourist spending given a comparatively stronger Japanese yen and the October 2019 value added tax increase.
The retail channel posted a 5 per cent increase in sales amid the negative impact of temporary store closures in Hong Kong, Richemont said.
“Sales were particularly noteworthy in China," the company continued.