Richemont sales beat pre-pandemic levels

Published:  19 January, 2022
Credit: Chloé

Financial results for Richemont in the third quarter, ended December 31 2021, revealed 35% growth year-on-year in sales at actual exchange rates.

Pre-pandemic levels were substantially exceeded, with double-digit sales growth across all regions, channels and business areas; the Group was led by performance in the Americas and Europe.

The three main business areas performed well, with Fashion & Accessories Maisons achieving sales growth of 40% at actual exchange rates, sustained by Chloé, Montblanc and Peter Millar. Meanwhile, Jewellery Maisons saw sales growth 41% at actual exchange rates and Specialist Watchmakers reported an increase of 29%.

The Americas led the growth with sales up by 55%, followed by Europe and Middle East and Africa, where sales grew by 42% and 30%, respectively. Japan and Asia Pacific saw sales increase by 22% and 18%, respectively, with China consolidating at +7%.

Retail generated the strongest channel performance, with sales up by 45%, followed by online retail sales up by 19% and wholesale sales up by 14%. Direct sales to consumers have further strengthened to reach 78% of Group sales compared to 75% in 2020.