Richemont UK Limited recorded a 49.4% rise in sales in the 12 months to March 31, 2017. Turnover for the luxury watch and jewellery group surged from £73.31 million in the 2016 financial year to £109.53 this year.
Operating profit rose in line with turnover by 50% from £6.3 million last year to £9.4 million.
The UK operation is responsible for all directly-operated boutiques for brands including Jaeger-LeCoultre, IWC, Piaget and Vacheron Constantin as well as distribution to retailers of most Richemont Group brands.
Jewellery and watch giant Cartier Limited, which files its own separate company accounts, reported a 31% increase in sales in the year to March 31 with turnover of £137.4 million and operating profit of £15.35 million, almost five times higher than the £3.2 million earned in 2015-16.
The financial results of Montblanc (UK) Limited were also reported separately, although the business was converted to a wholly-owned subsidiary of Richemont UK Limited on March 31, 2017.
Montblanc’s UK turnover in 2015-16 was £22.15m. The company does not report how much of this turnover comes from watches.
The top 10 watch businesses in the UK amassed sales of £1.09 billion in 2016, of which Richemont UK Limited accounted for 10.1%.
2016 Vital Statistics
- Turnover: £ 109.56 million (+49%)
- Operating Profit: £9.36 million (+49%)
- Employees: 196