Richemont: online sales bolster growth
(CercleFinance.com) - For the start of its fiscal year, Swiss luxury group Richemont, which owns the Cartier and Van Cleef & Arpels brands, has posted growth driven by China and online distribution.
The 1st quarter of the 2019/2020 financial year, which goes from April to June, ended with revenues of 3.7 billion euros, a 12% increase in published results, which comes to 9% at constant exchange rates. Without taking into account the new online distribution arm (including Yoox Net-A-Porter, YNAP) and still at constant exchange rates, growth amounts to 3%.
With the exception of the Middle East and Africa, all regions are progressing, especially Asia Pacific (+10% excluding currency effects and with online distribution), led by continental China. By division, and still excluding foreign currencies, jewellery is up 7% but watches are down 2%, with online distribution soaring by 56%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The 1st quarter of the 2019/2020 financial year, which goes from April to June, ended with revenues of 3.7 billion euros, a 12% increase in published results, which comes to 9% at constant exchange rates. Without taking into account the new online distribution arm (including Yoox Net-A-Porter, YNAP) and still at constant exchange rates, growth amounts to 3%.
With the exception of the Middle East and Africa, all regions are progressing, especially Asia Pacific (+10% excluding currency effects and with online distribution), led by continental China. By division, and still excluding foreign currencies, jewellery is up 7% but watches are down 2%, with online distribution soaring by 56%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.