Slow growth for Richemont in Q3

Worldwide
Published:  19 January, 2023
Credit: Dunhill

Richemont has reported its third-quarter financial results, achieving an increase in group sales of 5% year-on-year at constant rates.

For the period ending December 31, 2022, the company recorded group sales of €5.4 billion, an increase of 8% at actual rates.

The majority of Richemont’s revenue came from its retail channel at €3.71 billion, an increase of 6% year-on-year at constant rates, while online retail brought in €391 million (up 6%) and wholesale and royalty income recorded revenue of €1.29 billion (up 1%).

By region, the company saw its leading region of Asia Pacific fall by 9% in the quarter to €1.9 billion, while Europe was up by 19% to €1.29 billion. Meanwhile, the Americas recorded growth of 3% to €1.32 billion, Japan of 43% to €477 million and the Middle East and Africa increases by 10% to €428 million.

Looking at Richemont’s business areas, the majority of its revenue came from its jewellery maisons, totalled €3.72 billion and up 8%. Its specialist watchmakers recorded a revenue drop of 5% to €952 million.

Meanwhile, its other businesses (primarily made up of fashion and accessories brands) saw a year-on-year increase of 6% to €729 million.

Richemont noted that sales over the nine-month period to December 2022 increased by 12% at constant exchange rates and by 18% at actual exchange rates.