Swiss luxury group Richemont announced on 20th May revenues for its financial results to March increased 46 percent, on the back of a surge in Asia Pacific sales as the region further built upon its strong performance in the prior year.
The owner of Cartier, Van Cleef & Arpels, Alaïa, Chloé and Montblanc said total revenues increased to a an all-time high of EUR 19.2 billion (USD 20.37 billion), a 46 percent increase over last year “with all maisons, channels and regions achieving double-digit growth,” according to a press release from the Bellevue, Switzerland-headquartered company.
Sales in Asia Pacific rose by 32 percent, with mainland China sales growing by 20 percent compared to the prior year. The company said its strong European client base more than offset subdued inbound tourism, leading to a 51 percent sales increase, while in the Middle East and Africa sales grew at a similar pace, surpassing Japan as the group’s fourth largest market, where sales rose albeit by 28 percent.
Richemont’s jewellery maisons, Buccellati, Cartier and Van Cleef & Arpels, delivered “a step-change” in performance with combined sales exceeding EUR 11 billion (USD 11.7 billion), while the company’s specialist watchmakers division, made up of A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, saw sales rebound 53 percent to EUR 3.4 billion (USD 3.6 billion).
Likewise, the company’s fashion and accessories segment posted strong growth, with sales 53 percent higher than in the prior year. Richemont said the segment was positively impacted by newly appointed creative directors at Alaïa, Chloé and Montblanc as well as by the contribution of Delvaux, the Belgian luxury leather goods Maison, which it acquired last June.
“Increased inflationary pressures and repeated temporary store closures due to health protection measures, were offset by relatively improved economies up until February 2022,” said Richemont chairman, Johann Rupert. “The group’s strong sales, profit and cash flows confirm the strong appeal of our maisons and relevance of our long-term strategy.”
Profit for the year rose by 61 percent to EUR 2.079 billion (USD 2.21 billion), the company said.