Swiss luxury goods company Richemont has announced it has “substantially exceeded” pre-COVID 2019 sales figures for the third quarter ending 31 December 2021.
The result is a 38 per cent increase based on constant exchange rates (36 per cent on actual exchange rates). Overall, double-digit sales were seen across all regions and business segments, which included both online and store retail channels, according to the company’s Q3 2021 trading update.
Returning consumer demand for jewellery and luxury goods as COVID-related lockdowns drove the sales figures and measures were eased during the fourth quarter of 2021.
Total sales for the quarter were valued at €5.658 billion ($AU8.91 billion), which exceeded industry forecast estimates of €5.08 billion ($AU8 billion).
Combined in-store and online retail sales for Q3 2021 saw a very promising increase by 78 per cent, compared with the same period in 2020 and up by 75 per cent when measured against pre-COVID 2019.
Jewellery sales provided the highest growth contribution by division, which saw an increase by 57 per cent based on a two-year difference.
“The stellar 57 per cent sales progression at the Jewellery Maisons, comprised of Buccellati, Cartier and Van Cleef & Arpels, was broad-based across product lines and price points,” the report stated, noting that “sales grew double digits in all regions and across all channels.”
The company sustained an upward sales trend of 32 per cent when measured against the same period in 2020, which indicated a strong rebound from the impacts of trading closures at the height of the COVID pandemic.
The strongest performance was consistently driven by consumer demand in the Americas, which rose to 59 per cent based on a two-year difference and up by 55 per cent when compared with 2020.
The quarter also saw the European market sales increase by 42 per cent – next to the Americas – and contributed to “rebalancing regional sales mix,” shifting attention from the Asia-Pacific market which held the number two spot in Q3 2020.
Based in Switzerland, Richemont was founded in 1988 and owns luxury brands A. Lange & Söhne, Buccellati, Cartier, Vacheron Constantin, and Van Cleef & Arpels, among others.
The company is traded on the SIX Swiss Exchange and the JSE Securities Exchange.
More reading
December jewellery sales still upward despite drop in volume
Michael Hill reports “best Q2” in its history
Luxury jewellery brands join new sustainability initiative, set targets for 2030
