Richemont reports strong growth for first half of 2022

Worldwide
Published:  16 November, 2022
Credit: Montblanc

Luxury group Richemont has reported its financial results for the first half of the 2022 financial year, with sales up by 24%.

Sales jumped by 24% to €9.68 billion in the first six months of the year, while gross profit came in at €6.67 billion, up by 27%, and the gross margin for the period was 68.9%.

Sales growth was in the double digits in all regions except for Asia Pacific, where robust performances offset closures in Mainland China, resulting in an increase of 3%. In the Americas and Europe, sales were up by 40% and 45% respectively.

Retail had the strongest channel performance for Richemont during the first half of the year, with a sales increase of 21% year-on-year and generating 67% of total sales. The group’s online retail category achieved growth of 9% with 6% of total sales and wholesale and royalty income was up by 6%, with a total share of 27% of sales.

Looking forward, group Chairman Johann Rupert said: “It is highly uncertain how the political, economic and social landscapes will evolve in Europe and in our other key markets. We only know that we will likely face volatile times ahead as central banks seek to rein in inflation while governments try to manage severe cost of living pressures.

“At Richemont, we will continue to be guided by our values, seeking to build value for the long term in a sustainable and responsible manner, not seeking short-term, expedient solutions. The Group is in the fortunate position of being in good health, with a clear strategy, highly desirable and enduring creations, strong Maisons, professional teams and a robust balance sheet. These assets will enable Richemont to weather uncertain times and draw upon strength in demand, allowing us to look to the future with a mix of vigilance and confidence.”