© Reuters. FINE PHOTOS: Luxury jewelry on display at Cartier Store in Place Vendome in Paris, France, July 2, 2019. REUTERS / Regis Duvignau / File Photo
ZURICH (Reuters) – Richemont owner Cartier said the high demand for watches and watches in the United States and Europe helped keep prices up by a third of the quarter until Dec. 31, the second-largest group in the world reported Wednesday.
Sales rose to 5.658 billion euros ($ 6.41 billion) in the company’s third quarter, an increase of 32% when the exchange rate was lifted. Its performance was 38% better than the 2019 Christmas quarter before the epidemic, Richemont said in a statement.
High-profile re-sales last year, with Swiss watches exporting slightly beyond the 2019 levels at the end of November, with Richemont benefiting and showcasing a fast-growing fashion brand.
Sales at Cartier, Buccellati and Van Cleef & Arpels brands increased by 38%, while sales of watchmakers, including IWC and Vacheron Constantin, increased by 25%, compared to the previous year, Richemont said.
The United States placed the largest growth rate at 55%, followed by Europe at 42%, while China, which recovered last year, saw only 7% growth, Richemont said.
Kepler Cheuvreux analyst Jon Cox said it was “the most powerful figure in the world, driven by its gem-free business”, and highlighted the growth in Europe “as it has reduced recovery in some areas”.
“I expect the stocks to do well,” he said.
Earlier this week, the Italian fashion group Prada (OTC 🙂 raised a 41% increase in the number of continuous sales in 2021 due to the demand for handbags and high-end clothing.
Peer LVMH, owner of Bulgarian and Tiffany jewelery brands, is expected to submit its annual results on Jan 27. Swatch Group (SIX 🙂 results are also expected for that day.
($ 1 = 0.8828 euros)
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