Retail in Asia


Richemont sales in APAC soar 23 percent on last year


Swiss luxury conglomerate Richemont Group announced on 19th January an increase of 32 percent in total sales for the third quarter of 2021, on the back of double-digit sales growth in Asia-Pacific, its largest market globally.

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The owner of Chloé, Montblanc, Buccellati, Cartier and Van Cleef & Arpels said that total sales for the quarter ending 31st December 2021, reached €5.658 billion (US$ 6.42 billion), a 32 percent constant currency rates (CCY) rise and up 35 percent at actual exchange rates. In comparison to pre-pandemic levels, the figure was also 38 percent higher than two years ago CCY.

Witnessing growth across all geographic markets, Richemont’s largest market APAC, excluding Japan, reached €2.128 billion (US$ 2.42 billion) in sales for the quarter, an increase of 18 percent CCY, or 23 percent in actual rates. The region recorded a whopping 47 percent CCY compared to pre-pandemic levels in the 2019 quarter, 49 percent in actual rates, supported by Australia, South Korea and China, which rose 7 percent. Richemont’s Japan sales lifted 22 percent CCY compared to last year and witnessed a 23 percent gain compared to 2019.

The owner of retail group YNAP said its retail channel totalled €3.4 billion (US$ 3 billion) for the quarter, up 45 percent CCY on 2020 and 56 percent on 2019. Online retail gained 19 percent CCY on last year, and wholesale and royalty income rose 14 percent CCY on 2020.

By business area, Richemont’s jewellery maisons was the largest sales category, reaching €3.343 billion (US$ 3.79 billion), up 38 percent CCY on 2020, and 57 percent on 2019. Fashion and accessories maisons saw sales growth of 37 percent at constant exchange rates, while its specialist watchmakers division gained 25 percent CCY on 2020, and 20 percent compared to 2019.

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Sales over the nine-month period to December increased by 50 percent CCY and by 51 percent at actual exchange rates compared to the prior year period, a further improvement over the strong performance in the first six months of the financial year.