Richemont sales up 2 percent in last '09 quarter-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

Richemont sales up 2 percent in last '09 quarter

1/20/2010 12:05:02 AM

Geneva--Swiss luxury giant Richemont saw its sales rise 2 percent in the final quarter of 2009, with both its jewelry and watch divisions enjoying increased demand and a modest rise in sales as the year swung to a close.

"The improvement in trading is welcome in the context of a generally difficult economic environment, although the figures should be viewed against the weak comparative figures of the same period in 2008," Richemont said in a release announcing its financial results.

For the period from October through December 2009, total sales reached 1.585 billion euros (about $2.263 billion in U.S. dollars based upon current exchange rates), an increase of 2 percent over the 1.548 billion euros (or $2.211 billion) in sales that the company brought in during the same time period in 2008. If exchange rates remained constant during the period, the increase would have been 7 percent.

For the quarter, the group's jewelry houses reported a 5 percent sales increase in the three-month period, with sales totaling 837 million euros (about $1.2 billion), up from about 800 million euros ($1.14 billion) in the final three months of 2008. Cartier reported good growth in both retail and wholesale sales, while Van Cleef and Arpels also reported good retail sales during the period, the release said.

The specialist watchmaker group saw sales rise 3 percent at actual exchange rates, as watch retailers in the worst-hit regions of the world began buying again to increase their inventories, the company said. This watch business increase followed a decrease of 17 percent in the first half of the financial year--when the company was getting walloped as a result of watch retailers' reluctance to restock amid the economic downturn.

Richemont's writing instruments business, Montblanc, fell 1 percent in the quarter, while it's other sales declined 8 percent. The "other" business includes Richemont's fashion and accessories businesses, which was flat over the period, as well as the company's watch component manufacturing activities, which fell as a result of the depressed level of watch component supplies sold to external customers, the company said.

Geographically, the Americas remained a challenging region for Richemont, with quarterly sales dropping 2 percent to 246 million euros ($351 million) from 250 million euros ($357 million) the previous year.

On the other hand, the Asia-Pacific region reported strong growth of 25 percent, with sales in mainland China and in Hong Kong contributing significantly to the increase. Sales in the Asia-Pacific region represented 31 percent of group sales during the quarter.

For the year, April through December, Richemont sales remain down, totaling 3.964 billion euros ($5.66 billion), a 9 percent decrease over the same period for 2008.

Richemont's luxury portfolio includes its jewelry maisons,Cartier and Van Cleef and Arpels; its specialist watchmakers, including Jaeger-LeCoultre, Piaget, IWC, Baume and Mercier, Vacheron Constantin, Officine Panerai, A. Lange and Söhne and Roger Dubuis, as well as the Ralph Lauren watch and jewelry joint venture. Its writing instrument maison is Montblanc.

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