Compagnie Financiere Richemont AG (ticker CFRUY.PK), the renowned Swiss luxury goods firm, announced a landmark achievement, reporting a 10% rise in total sales for the third quarter, totaling 6.15 billion euros, up from 5.59 billion euros in the previous year. Notably, sales at constant exchange rates also saw a 10% increase.
Retail sales experienced a robust growth of 11%, reaching 4.38 billion euros, while online retail sales saw an impressive increase of 18%. Additionally, wholesale and royalty income rose by 4%, amounting to 1.35 billion euros.
The quarter witnessed significant double-digit growth across the Americas, Europe, the Middle East & Africa, and Japan. However, the Asia Pacific region faced a 7% decline in sales, primarily due to subdued demand in China, with a notable 18% decrease in Mainland China, Hong Kong, and Macau combined.
Sales in Jewellery Maisons increased by 14% to 4.50 billion euros, though the Specialist Watchmakers segment experienced an 8% drop. The 'Other' category saw an 11% uptick, with Fashion & Accessories Maisons advancing by 7%.
For the first nine months, the company's sales rose by 3% compared to the previous year, totaling 16.2 billion euros.
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