Richemont’s headquarters in Bellevue GE.
The main growth drivers were the markets in the USA, Europe and Japan. In the important Chinese business, on the other hand, the measures taken to combat the corona pandemic were still dampening business.
Group sales climbed in the third quarter of the 2022/23 financial year, from October to December, by 8 percent to 5.40 billion euros, as the group with luxury brands such as Cartier, Piaget and IWC announced on Wednesday. Adjusted for currency effects, growth was 5 percent. The online subsidiary YNAP, which was sold to the British online retailer Farfetch, is no longer included in the sales figures.
As a result, the pace of growth weakened more than analysts had expected. In the first half of the year, Richemont still achieved growth of 16 percent in local currencies, and growth amounted to 12 percent over the entire first nine months. From quarter to quarter it is becoming more difficult for Richemont to exceed the high sales of the previous year.
Richemont does not provide any information on earnings for the third quarter. The group is also reluctant to make forecasts about future business developments. The decisive factor for the industry is how well the Chinese market will develop as a result of the corona rules that were lifted in mid-December.
(SDA)