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Richemont sales rise 4% in the final quarter of 2020 despite Hong Kong troubles

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Richemont sales rose by 4% at constant exchange rates for the final three months of 2019 to €4.16 billion, and by 6% once favorable exchange rates boosted turnover for the French luxury group.

Specialist watchmakers, which includes timepieces from IWC, Cartier, Jaeger-LeCoultre, Piaget and Panerai, notched a 2% increase in sales to €818 million for the quarter.

The United States and Europe saw sales rise fasted, by 5% and 9% respectively.

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Sales in Asia Pacific increased by 2%, driven by strong double digit sales growth in China and Korea, which offset a severe sales contraction in the protest-hit Hong Kong, the company reports.

Japan revenue dropped by 7%, impacted by lower tourist spending given a comparatively stronger Japanese yen.

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Tags : cartierIWCjaeger-lecoultrepaneraipiagetRichemont
Rob Corder

The author Rob Corder