Swiss luxury group Richemont announced annual sales were up by 19 percent to EUR 20 billion (USD 21.7 billion) for the year ending March 31, driven by surging Japanese growth, and return to sales growth in Asia Pacific.
SEE ALSO: Richemont Japan sales surge 43 percent, China dives
The owner of Cartier, Van Cleef & Arpels, Alaïa, Montblanc, and Chloé brands said sales growth resumed in Asia Pacific, with revenues in the region up 6 percent, especially in the final quarter, which recorded a significant sales, following the removal of travel and health restrictions in mainland China, Hong Kong and Macau. Elsewhere in the region, South Korea and Southeast Asia delivered significant sales increases throughout the year.
All the business areas, distribution channels and regions posted growth during the year, led by the company’s retail channel, and its Japan and Europe markets, closely followed by the Americas. Japan reported the strongest regional performance for the year with sales up by 45 percent, driven by solid domestic sales and the progressive return of inbound tourism.
Sales in directly-operated stores continued to outperform the other distribution channels markedly, their contribution to group sales rising to 68 percent, and combined with online sales, accounted for almost three quarters of group sales.
All business areas, including jewellery, fashion, watches, delivered double-digit sales growth compared to the prior year, the group added.
Profit for the year from continuing operations increased by 60 percent, over the prior year, to EUR 3.9 billion.