2023-07-19 23:54:05
After ending its 2022/2023 year with growth of +19%, Richemont continues the same momentum in the first quarter of its new fiscal year, at real exchange rates, thanks in particular to the rebound in Asia-Pacific.
5.32 billion euros in turnover for Richemont
New fiscal year for Richemont, which unveils its annual business reports from March to March. For the first quarter of its 2023/2024 financial year, established from the beginning of April to the end of June, the group increased its sales at real exchange rates of +14%, i.e. +19% at constant rates. In total, the firm recorded 5.32 billion euros in turnover.
A performance driven by Asia-Pacific region experiencing renewed attractiveness since the removal of health restrictions in China, Macau and Hong Kong. In fact, sales in this territory stood at +32% at real rates, at more than 2.2 billion euros. Europe benefited from a growth of +10%, to 1.13 billion euros, while Japan and the Middle East and Africa zone respectively benefited from +6% and +12% of increase in sales. Figures coming to compensate for the -4% drop in the United States and its billion euros in sales in the first quarter.
In terms of industry, Richemont was able to count on its jewelery segment, which includes Bucciarati, Cartier and Van Cleef & Arpels. These houses ended the first three months of the financial year with nearly 3.6 billion euros in turnover, an increase of 19% compared to the previous year. The watchmaking department, which includes Jaeger-LeCoultre, Piaget and Vacheron Constantin, presented results up by +6%, or just over a billion euros.
Regarding other sales, namely fashion, accessories and distribution platforms, the multinational increased its turnover by 4%, to 662 million euros. Note that YOOX Net-A-Porter, now presented as “discontinued operations”, saw its sales fall by -10% at actual rates due to a “difficult global environment for pure players in digital distribution”according to Richemont.
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