Richemont delivered a strong performance with sales up 10% for the third quarter ended December 31, 2024 with double-digit growth in the Americas, Europe, the Middle East and Africa and Japan but it doesn’t stop there. Clear improvement compared to the first half-year in all business areas, pulled by aacceleration in the Jewelry Maisons at +14%; Specialized watchmakers at -8%, “Other” at +11%, including fashion and accessories houses at +7% The channel's performance is driven by retail.
Sales in the last 9 months amounted to 16,2 billion euros
All regions showed double-digit growth except Asia Pacific. Sales in the Asia Pacific region contracted 7%, largely due to an 18% decline in Mainland China, Hong Kong and Macau combined, primarily impacted by continued weakness in Mainland China demand. Other Asian markets saw their performance improve in the quarter, with positive results in most countries, including double-digit growth in Korea. In Europe, sales increased 19%, fueled by higher domestic demand and tourism spending, particularly from residents of North America and the Middle East. All major countries in the region saw sales increase this quarter, with notable performances in France, Switzerland and Italy. Sales growth was +22% in the Americas, with increases in all business areas on the back of strong local demand. In Japan, both tourist and local spending continued to drive sales, which increased 19% overall compared to the same period last year. Sales in the Middle East and Africa region increased 20%, led by the United Arab Emirates and increased tourism spending.
Jewelry is growing sharply while interest in watches as an investment is decreasing
Retail sales increased by 11%, with growth in almost all regions, led by Jewelry Houses, and further increasing their contribution to 71% of Group sales. Wholesale sales were 4% higher than in the same period last year, supported by a solid performance in the Jewelry Houses and Others business area, which more than offset a decline in Specialty Watchmakers. Online retail sales increased by 17%, also led by Jewelry Houses and Others.
The Group's four jewellery houses – Buccellati, Cartier, Van Cleef & Arpels and Vhernier
These saw their growth accelerate this quarter to +14% from a challenging +12% compared to the same period of the previous year. This was fueled by the performance of the iconic Jewelry and Watches lines supported by new products that saw strong success, particularly during the holiday season. Sales increased across all channels and in almost all regions, with the largest contribution to growth coming from the Americas and Europe. Sales of specialty watchmakers grew in all regions except Asia Pacific, with notable double-digit increases in the Americas, the Middle East and Africa, thus moderating the 16% decline rate observed in the first half of the year to -8% in the third quarter. The Group's Other Businesses area, which includes the Fashion and Accessories Houses, recorded an 11% increase in sales compared to the same period of the previous year. Watchfinder & Co. grows by double digits, while the Fashion & Accessories Maisons see their sales increase by 7%, thanks to the continued progress of Alaïa and Peter Millar, as well as the additional contribution of Gianvito Rossi, consolidated from 1 February 2024.