Weak euro boosts Richemont’s salesWednesday, 05 September 2012
Richemont’s sales for the five months ended 31 August 2012
have increased by 23 percent at actual exchange rates. At constant exchange rates, sales increased by 13 percent. The weakening of the euro against the dollar, in particular, has had a positive impact on the group’s reported sales.
Sales analysis shows Europe was strong, particularly in the retail channel in major tourist destinations. Demand in the Asia-Pacific region remained solid after two years of exceptionally high growth. Sales growth in the Americas slowed to 6 percent on a constant currency basis, partly due to the timing of exceptional sales in the comparative period. Japan showed resilience.
Retail sales growth was again higher than wholesale sales, reflecting a good performance in the Maisons’ existing boutiques as well as the opening of new boutiques, notably in the Asia-Pacific region.
All business areas enjoyed double-digit growth in sales, with the exception of the Montblanc Maison which did not benefit as greatly from tourist destinations.
Richemont, headquartered in Geneva, owns a portfolio of leading international brands or Maisons which are managed independently of one another. These are Jewellery Maisons (Cartier and Van Cleef & Arpels); Specialist watchmakers (Jaeger-LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine Panerai, A. Lange & Söhne and Roger Dubuis); Montblanc Maison; and Other (Alfred Dunhill, Chloé, Lancel and Net-a-Porter as well as other smaller Maisons and watch component manufacturing activities for third parties).