For the three-month period ended December 31, 2020, and at constant exchange rates, Richemont’s overall sales increased 5%, driven by 25% sales growth in Asia Pacific, where strong results in China (+80%) and Taiwan (+29%) more than offset declines in other Asian locations. Sales in Europe fell 20%, while in the Americas sales rose 3%, supported by relatively strong domestic sales. According to Richemont, the strong 27% sales increase in the Middle East and Africa reflected good performance across channels, resumed tourist spending in Dubai and solid domestic spending, notably in Saudi Arabia. Sales in Japan rose 1%.

The online and offline retail channels are both reported to have posted sales growths, more than offsetting a decline in the wholesale channel. The retail channel recorded an 8% sales increase, driven by double digit growth at the Jewellery Maisons, despite the negative impact of temporary store closures. Retail sales were particularly strong in China, Taiwan, Russia and Saudi Arabia. With 17% sales growth, the online retail channel posted the strongest relative performance.

Richemont said the 14% sales progression at the Jewellery Maisons was supported by good jewellery and watch sales at Cartier and Van Cleef & Arpels. Sales grew in all regions except Europe, and across all channels. The Specialist Watchmakers’ sales decreased by 4%, with declines in all regions excluding Asia Pacific where sales grew by double digits.

For the nine-month period ended December 31, 2020, Richemont’s overall sales decreased 16% at actual exchange rates, and by 14% at constant exchange rates.