Sales more than doubled in the first quarter, driven by jewelry in the US

Luxury goods sales have resumed this year after a sharp downturn due to the COVID-19 pandemic, and Richemont has benefited the most thanks to its leadership position in the jewelry category.

With this, the volume of sales of the second largest group of luxury goods in the world amounted to 4.397 billion euros in the first fiscal quarter by the end of June, up 129% year on year at constant exchange rates and 22% compared to the same quarter of 2019, before the emergence of the COVID-19 epidemic.

Richemont, which recently acquired Belgian leather goods maker Delvaux, also announced that its executive committee will now focus on strategic direction, capital allocation and governance, while brand managers will focus on their development.

Thus, the general managers of the Cartier and Van Cleef & Arpels brands, as well as the head of the fashion and accessories division, will not be part of the executive committee.

Richemont Chairman Johann Robert said Cartier and Van Cleef & Arpels “have reached a size and scope that requires the full attention and support of their leaders” to continue their growth.

(Reporting by Silk Coultrewitz, French version by Diana Mandia, Editing by Jean-Michel Bello)

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