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Richemont posts strong Q3 sales, Europe and the Americas shine

By Huw Hughes

19 Jan 2022

Business

Image: YNAP

Richemont has reported a strong increase in sales in the third quarter of the year, with particularly good performances from its Jewellery Maisons and its Europe and Americas markets.

In the three months to December 31, sales at the Swiss luxury group came in at 5.7 billion euros, up 32 percent compared to a year ago and up 38 percent compared to two years ago.

The group, whose portfolio includes Yoox Net-a-Porter (YNAP), Chloé and Cartier, saw double-digit sales growth across all regions, channels and business areas.

Breaking it down by region, sales in its biggest market - Asia Pacific - increased 18 percent year-over-year to 2.1 billion euros.

Americas, Europe shine in post-pandemic luxury rebound

The Americas saw the strongest growth, of 55 percent to 1.3 billion euros, followed by Europe, where sales were up 42 percent to 1.4 billion euros.

Meanwhile, sales in the Middle East and Africa increased 30 percent to 398 million euros, and in Japan they were up 22 percent to 389 million euros.

Sales at Richemont’s Jewellery Maisons performed particularly well, up 38 percent to 3.3 billion euros.

At Richemont’s ‘Other’ division, which includes its fashion and accessories labels, sales increased by 37 percent to 610 million euros.

Richemont’s ‘Specialist Watchmakers’ division reported a sales increase of 25 percent to 977 million euros.

Sales at the group’s ‘Online Distributors’ division, which includes its e-commerce platform YNAP, increased 15 percent to 785 million euros.

Richemont announced in November it was in “advanced talks” with Farfetch to offload its minority stake in loss-making YNAP.

The group said it wanted YNAP to become a “neutral, industry-wide platform” with no controlling shareholder.