Jewellery was the top-performing division of Swiss luxury goods company Richemont in the past quarter off the back of increasing demand in Asia and the US.
Sales at Cartier, Van Cleef & Arpels, and Buccellati improved by six per cent on a year-on-year comparison, reaching €3.95 billion ($AU6.54 billion) for the three months ending 31 December.
The statement attributed the sales increases to positive sales in the US and the return of tourism to Hong Kong and China. The report also detailed a weaker retail performance in Europe.
“Wholesale sales were four per cent above the prior-year period, sustained by strong sales at the jewellery maisons [brands], which more than offset a softer performance across the rest of the group,” the statement reads.
Sales at specialist watchmakers, including IWC Schaffhausen, Piaget. and Vacheron Constantin, declined by one per cent to €939 million ($AU1.55 billion).
Richemont chief financial officer Burkhart Grund told Reuters that brand recognition was crucial to weathering the storm in an adverse economy.
“In times of, let’s say, economic uncertainty, it helps to be a highly recognised and highly respected jewellery brand through the power of iconic product lines,” he said.
“This reassures customers not just in jewellery, but also in watches.”
Total group revenue increased by four per cent to €5.59 billion ($AU9.25 billion).
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Fluctuations in Richemont share price over the past six months.
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