Richemont sales for December quarter up by 21 per cent
18 Jan 2001
Richemont, the Swiss luxury goods group, today announced that sales in the Group's third quarter period of October to December 2000 increased by 21%. This growth is on a comparable basis and fully excludes the impact of acquisitions. In particular, it excludes the recent acquisition of the watchmakers Jaeger-LeCoultre, IWC and A. Lange & Söhne, which was completed in December 2000. Richemont will consolidate these companies from 1 January 2001.
Johann Rupert, Chief Executive of Richemont, said, "The growth of 21% experienced during this quarter was very much in line with our expectations and reflects progress across all of the Group's brands. This increase follows growth of 28% in the same period of the previous year, which saw particularly strong sales during the months leading up to the Millennium celebrations."
European sales grew by 20%, in line with the trend seen in the first half year. Sales in Asia grew by 25%, helped by the higher value of the yen. Sales in the Americas region increased by 17% and, whilst benefiting from the relative strength of the dollar against the euro, should be seen against the background of the preceding year's outstanding results.
In terms of product categories, growth was most pronounced in the jewellery and watch segments, which grew by 26% and 25%, respectively. Whilst sales through both the retail network and wholesale channels showed satisfactory growth, the trend seen in recent years, whereby growth in retail sales has exceeded that achieved by the wholesale network, continued during the period.
Richemont owns a portfolio of leading luxury goods brands, including Cartier, Montblanc, Alfred Dunhill, Lancel and Van Cleef & Arpels, as well as the prestigious watch manufacturers Baume & Mercier, IWC, Jaeger-LeCoultre, A. Lange & Söhne, Officine Panerai, Piaget and Vacheron Constantin.