Richemont reports 13 percent sales increase
Jewelry sales increase 16 percent for the period
July 16, 2008
Geneva—Sales for luxury goods company
Richemont increased 13 percent in actual exchange rates (20 percent on a constant exchange rate basis) in the first three months of its current fiscal year, including a slight increase in sales in the Americas.
According to an interim management statement released on Wednesday by the Geneva-based company, sales from April to June for its Jewellery Maisons group—which includes the Cartier and
Van Cleef and Arpels brands—increased 16 percent for the period (25 percent on a constant exchange rate basis), rising from about $1 billion in 2007 to about $1.2 billion in 2008.
Sales for Richemont's watchmakers—which include A. Lange and Sohne,
Baume and Mercier, IWC, Jaeger-LeCoultre, Officine Panerai, Piaget and Vacheron Constantin—increased 13 percent for the period (19 percent on a constant exchange rate basis) to about $658 million, from $582 million in 2007.
When broken down by region, sales figures for the Americas show a 6 percent increase (20 percent on a constant exchange rate basis).
Despite a sluggish Japanese economy, the Asia-Pacific region, buoyed by strong growth in Hong Kong and China, posted the greatest sales gains for the period, jumping 21 percent (35 percent on a constant exchange rate basis), from about $461 million in 2007 to about $559 million in 2008.
In May, Richemont announced details of a
restructuring proposal that would separate the group into two entities: a luxury business headquartered in Switzerland and a separate investment vehicle.
According to the statement released on Wednesday, the company is not releasing any further information about the restructuring at this time.
RSS
