Richemont, owner of brands such as Cartier, Van Cleef & Arpels, Buccellati and Vhernier, achieved record sales in the third quarter of the financial year ending 31 December 2024.
Total revenue increased by 10% year-on-year to €6.15 billion (£5.23 billion), with its jewellery division driving much of the growth.
Jewellery sales rose 14% to €4.5 billion, accounting for 71% of Richemont’s total revenue.
Regional Sales Breakdown
While global performance was positive, regional trends varied. Sales in the Americas grew by 22% to €1.6 billion, supported by improved consumer confidence and luxury market performance. In Europe, revenues increased by 19% to €1.5 billion, partly driven by tourist spending amid a strong US dollar. Japan saw a 15% rise in sales to €592 million, attributed to increased tourist activity due to a weaker yen.
In the Middle East and Africa, revenues rose 21% to €542 million, reflecting steady demand for luxury goods. However, the Asia-Pacific region recorded a 7% decline in sales to €1.9 billion, with a significant 18% drop in China, Hong Kong, and Macau. Richemont noted double-digit growth in other markets in Asia, such as South Korea.
Sector Performance
The jewellery division was Richemont’s top performer, while its other businesses, including fashion and accessories, saw an 11% increase in sales to €782 million. Wholesale revenue rose by 4%, driven largely by demand for jewellery. Online retail sales climbed 18%, reflecting the continuing shift toward digital channels.
In contrast, the company’s specialist watchmaker division experienced an 8% decline in sales, which the company attributed to weaker demand in the Asia-Pacific region.
Despite Richemont’s success in Europe and the Americas, challenges in China point to broader difficulties in the region. Economic uncertainty and a subdued property market have impacted consumer demand. However, markets like South Korea, which showed double-digit growth, demonstrate that parts of Asia remain strong for luxury goods.
