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WATCHPRO STATE OF THE NATION REPORT: Richemont UK Limited

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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.

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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

 

Richemont UK operating profit

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