An Excellent Performance for Richemont Group in Asia

In the third quarter of 2020, Richemont Group sees strong performance from the jewelry maisons and an increase by 25% in the Asia- Pacific region

  • Photo Courtesy @Cartier

    Photo Courtesy @Cartier

Richemont’s sales for the third quarter totaled $5.069 billion at current exchange rates. While sales from wholesale channels dipped 8% in Q3, both physical and online retail saw gains. At constant exchange rates, Richemont’s online retail sales jumped 17% while in-store retail sales grew by 8%. Regionally, sales in Asia Pacific increased by 25% at constant exchange, led by China, excluding Taiwan, with 80% growth. It was the only region to surpass $1 billion in sales, with sales of 1.729 billion euro, or $2.094 billion. The 14% sales progression at the jewelry maisons was supported by good jewelry and watch sales at Cartier and Van Cleef & Arpels. Sales grew in all regions except Europe, and across all channels. The Specialist Watchmakers’ sales decreased by 4%, with declines in all regions excluding Asia Pacific where sales grew by double digits, partly sustained by the Watches & Wonders event in Sanya. At the Online Distributors, a competitive pricing environment in online retail limited sales growth to 4%. 

In detail:

  • Despite a turbulent economic and retail climate amid the COVID-19 pandemic, Richemont’s sales increased 1% at actual exchange and by 5 % at constant exchange rate compared to the prior year period, in a continuously volatile environment. 
  • Robust sales in Asia Pacific and the Middle East and Africa, both with double digit growth at actual exchange rates, more than offset single digit declines in the Americas and Japan and a marked contraction in Europe 
  • A double digit increase in online retail sales and single digit progression in retail sales compensated lower wholesale sales at actual exchange rates
  • Strong performance from the Jewellery Maisons; broadly stable or lower performances from the other business areas at actual exchange rates

Source: Richemont Group

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