Swiss retailer Richemont released a second-quarter sales report highlighted by a strong improvement in sales.
Richemont’s leading jewelry houses – Cartier, Van Cleef & Arpels and Buccellati – improved 24% year-on-year to €6.34bn ($9.78bn) for the six months to September 30.
Richemont watchmakers including Piaget and Vacheron Constantin increased sales by 22% to 2.4 billion euros (A$3.7 billion).
Despite the positive numbers, Richemont remains cautious about the future, telling the media last week that the company plans to scale back marketing and events to reflect a more gloomy economic environment.
“Next year is very difficult to predict,” said Cartier CEO Cyrille Vigneron. Reuters.
“China should improve, but when, we don’t know. In the United States, there are signs of a recession but it’s not happening now, so we don’t know. Will there be an impact? about Europe? Probably, but we don’t know.
The group’s total revenue jumped 24% to €9.68 billion (A$14.93 billion). Retail represents more than 50% of Richemont’s sales.
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Cartier, Piaget, Montblanc and others from Richemont will move to the luxury electronic platform