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Richemont Q3 sales rise 32% to £4.72bn

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Richemont has reported its sales surged 32% year-on-year to €5.65bn (£4.72bn) in the third quarter ending 31 December 2021 (Q3), up 38% from pre-Covid levels.

Over the nine-month period, the group’s growth was led by its Jewellery Maisons division which saw its sales reach €3.34bn (£2.79bn) in Q3, up year-on-year by 38%, and up 57% from €2.16bn (£1.8bn) in 2019.

On a two-year basis, sales exceeded pre-Covid levels across all regions, channels and business areas, as well as online and offline retail channels.

Within the group, Jewellery Maisons represents the “strongest” performing business area, with other areas growing at or close to 20%.

The 57% rise in sales at the Jewellery Maisons, which comprises Buccellati, Cartier and Van Cleef and Arpels, was reportedly “broad-based” across product lines and price points.

Additionally, the group’s net cash position at the end of Q3 reached €4.9bn (£4.09bn), up from €2.9bn (£2.42bn) in 2020.

Meanwhile, Richemont’s other business areas, primarily its Fashion and Accessories Maisons, saw sales up by 37%. 

The group saw its strongest performance in Q3 from the Americas and Europe.

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