Luxury group Richemont reported a 24 percent increase in sales from October to December 2018 compared to 2017, fuelled largely by its jewellery division.
According to the company, sales were up in all regions, except in the Middle East and Europe mainly due to social unrest in France that affected tourism and led to temporary store closures.
Sales in the US rose 9 percent, thanks to the jewellery group’s positive performance.
Cartier and Van Cleef & Arpels reported an 8 percent improvement in sales, driven by jewellery and watches. Richemont said specialist watchmakers’ sales were in line with the prior year period, with lower wholesale sales offset by higher sales in the specialist watchmakers’ directly operated boutiques.
The retail business posted a 5 percent increase in sales, with growth slowing in December due to temporary store closures in France and a strong comparative base for high jewellery. The wholesale segment registered a 1 percent growth in sales, reflecting ongoing cautious watch inventory management and distribution optimisation initiatives, the company said.