Luxury giant Richemont said quarterly sales were up 4 percent at actual exchange rates to EUR 5.6 billion (USD 6.11 billion), despite the continued uncertain macroeconomic and geopolitical environment hindering the luxury industry.
In Asia Pacific, sales growth for the three months ending December 31 rose 13 percent, driven by a 25 percent sales increase in mainland China, Hong Kong and Macau combined, “more than offsetting softer performance in several other Asian markets,” according to a press release.
In Europe, sales were 3 percent lower, while the Americas gained 8 percent.
However, the biggest sales jump was in Japan, up 18 percent, despite demanding comparatives ( up 43 percent in the prior-year period), benefitting from growing domestic sales and strong tourist spending, notably from Chinese clients.
The Swiss group’s three jewellery maisons- Buccellati, Cartier and Van Cleef & Arpels – generated the strongest sales increase during the three months, up 12 percent, held up by solid jewellery and watch sales.
Specialist watchmakers sales rose by 3 percent, thank to the retail channel, notably at A. Lange & Söhne, IWC, Jaeger-LeCoultre and Vacheron Constantin, which more than offset the double-digit decline in wholesale sales.
The Group’s other business area, which is predominantly composed of fashion and accessories maisons, saw sales decline by 1 percent. Lower wholesale and online retail sales were largely offset by mid-single digit growth in retail sales, driven by the performance at Alaïa, Delvaux, Dunhill and Peter Millar.
All distribution channels recorded sales growth except for the online retail channel where sales decreased by 5 percent.
Last month, Richement announced the departure of Riccardo Bellini as president and CEO of its brand Chloé – after four years in the role.
Earlier week, luxury rival Hugo Boss recorded a 13 percent uptick in sales for the fourth quarter to EUR 1.177 billion, also defying the global luxury slowdown facing other firms, thanks to sales growth across all brands, channels, and regions.