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Richemont sales rise 3% for the final quarter of 2020 in the Americas.

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Richemont sales to the Americas rose by 3% at constant currency rate for the final quarter of 2020, dramatically outperforming Europe, which saw a 20% fall in revenue as lock downs intensified across the continent.

Asia Pacific and Middle East & Africa were the best-performing regions, notching sales increases of 25% and 27% respectively.

Global sales of €4.2 billion for the October to December period were 5% up at constant currency and 1% up adjusted for the strengthening euro against other major currencies.

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Sales for Richemont’s Specialist Watchmakers, which includes IWC, Jaeger-LeCoultre, Panerai and Vacheron Constantin, shrank by 4% in the quarter while its Jewellery Maisons, home to Cartier and Van Cleef & Arpels, were up by 14%.

Online Distributors, the division that houses Watchfinder and Yoox Net-A-Porter, grew sales by 4% world-wide.

Richemont’s direct to consumer retail operation dwarfs its wholesale business. Retail sales rose 8% to €2.3 billion while wholesale revenue dropped 8% to €1.1 billion.

The Group’s net cash position at 31 December 2020 amounted to €2.9 billion, up from € 2.4 billion at the end of 2019.

 

 

 

 

 

 

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Tags : Richemont
Rob Corder

The author Rob Corder