Cartier owner posts record sales despite China slump
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Zurich, Switzerland — Cartier owner Richemont reported record quarterly sales on Thursday, beating expectations as a slump in key market China was offset by robust demand in other regions.The group said sales reached 6.2 billion euros ($6.3 billion) in its financial third quarter ending on December 31, a 10 percent rise from the same period in 2023.Article continues after this advertisementThe performance, which includes the key holiday shopping season, was stronger than forecast by analysts surveyed by Swiss business news agency AWP who had expected sales to reach 5.6 billion euros.FEATURED STORIESREAD: Wall Street rally loses steam as European luxury shares advanceSales in the Asia-Pacific region fell seven percent in the third quarter, dragged down by an 18-percent drop in China, Hong Kong and Macau.Article continues after this advertisementChina is a major market for luxury companies but the sector’s sales were hit last year by weak domestic consumption in the world’s second biggest economy.Article continues after this advertisementRichemont reported healthier sales elsewhere in Asia, with “positive results” in most countries and double-digit growth in South Korea.Article continues after this advertisementIn Japan, whose performance is counted separately from the rest of Asia, sales rose 19 percent.Sales in Europe also surged 19 percent as local shoppers and tourists from North America and the Middle East splurged.Article continues after this advertisementThey were up 20 percent in the Middle East and Africa, led by the United Arab Emirates and spending from tourists.“It seems that despite the challenging situation in China and in watches, Richemont has never been stronger,” said Jean-Philippe Bertschy, analyst at investment firm Vontobel.Richemont shares soared around 15 percent on the Swiss stock exchange in morning deals.Your subscription could not be saved. Please try again.Your subscription has been successful.
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