Cartier owner Richemont shines with better-than-expected sales as poor China demand offset by rest of the world [Fortune]
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Source: Fortune
The group said sales reached €6.2 billion ($6.3 billion) in the third quarter ending on December 31, a 10% rise from the same period in 2023. The performance, which includes the key holiday shopping season, was stronger than the forecast by analysts surveyed by Swiss business news agency AWP, who had expected sales to reach €5.6 billion. Of Richemont's business segments, jewelry maisons, including Van Cleef & Arpels, contributed the most to growth. Watches, on the other hand, were trailing behind, contracting 8%. Sales in the Asia-Pacific region fell 7% in the third quarter, dragged down by an 18% drop in China, Hong Kong, and Macau. Richemont reported healthier sales elsewhere in Asia, with “positive results” in most countries and double-digit growth in South Korea. In Japan, whose performance is counted separately from the rest of Asia, sales rose 19%. Meanwhile, sales in Europe also surged 19% as local shoppers and tourists from North America and the Middle East splurged
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