Richemont reports strong performance with sales up 10% for its third quarter

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR16 JANUARY 2025



RICHEMONT REPORTS STRONG PERFORMANCE WITH SALES UP 10% FOR ITS THIRD QUARTER ENDED 31 DECEMBER 2024​


Highlights for the quarter ended 31 December 2024

• Very solid end to the calendar year with Q3 sales up by 10% at constant and actual exchange rates
  • Highest ever quarterly sales at € 6.2 billion
  • Double-digit growth in the Americas, Europe, Middle East & Africa and Japan; slower decline in Asia Pacific despite still challenging demand in China
  • Marked improvement over H1 across all business areas, driven by an acceleration at Jewellery Maisons to +14%; Specialist Watchmakers at -8%, ‘Other’ at +11%, including Fashion & Accessories Maisons at +7%
  • Channel performance led by retail, up 11% at constant and actual exchange rates
• 9-month sales at € 16.2 billion, +4% at constant and +3% at actual exchange rates, in a context of continued investments into the Group’s Maisons’ long-term growth prospects
• Robust net cash position at € 7.9 billion
  
  
  

October-December
 2024
2023
Movement at:

  €m
€m
constant rates
actual rates

By region
Europe1 456
1 226
+19%
+19%

 Asia Pacific
1 913
2 049
-7%
-7%

 Americas 
1 647
1 355
+22%
+22%

 Japan 
592
514
+19%
+15%

 Middle East & Africa 
542
449
+20%
+21%

      
By distribution channel
Retail4 382
3 942
+11%
+11%

 Online retail 
419
356
+17%
+18%

 Wholesale and royalty income 
1 349
1 295
+4%
+4%

      
By business area
Jewellery Maisons4 501
3 952
+14%
+14%

 Specialist Watchmakers867
939
-8%
-8%

 Other782
702
+11%
+11%

Total
 6 150
5 593
+10%
+10%



Review of trading in the three-month period ended 31 December 2024 versus the prior-year period, at constant exchange rates
Any long form references to Hong Kong, Macau and Taiwan within this company announcement are Hong Kong SAR, China; Macau SAR, China; and Taiwan, China respectively. Unless otherwise stated, all sales comments below relate to continuing operations.
At constant exchange rates, Group sales rose by 10% versus the prior-year period.
All regions showed double-digit growth except Asia Pacific. Asia Pacific sales contracted by 7%, largely the result of an 18% decline in Mainland China, Hong Kong and Macau combined, primarily impacted by continued weak demand in Mainland China. Other Asian markets saw their performance improve in the quarter, with positive results in most countries including double-digit growth in Korea. In Europe, sales increased by 19%, fuelled by higher domestic demand and tourist spend, notably from North American and Middle Eastern residents. All main countries in the region recorded a rise in sales this quarter, with notable performances in France, Switzerland and Italy. Sales growth stood at +22% in the Americas, with increases across all business areas on the back of strong local demand. In Japan, spend from both tourists and locals continued to drive sales, which increased by 19% overall compared to the prior year period. Sales in the Middle East & Africa region rose by 20%, led by the UAE and higher tourist spend.
All distribution channels recorded a rise in sales. Retail sales increased by 11%, with growth in almost all regions, led by the Jewellery Maisons, and further raising its contribution to 71% of Group sales. Wholesale sales were 4% above the prior-year period, sustained by solid performance at the Jewellery Maisons and Other business area, which more than offset a decline at the Specialist Watchmakers. Online retail sales were up 17%, also led by Jewellery Maisons and Other.
The Group’s four Jewellery Maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier - saw their growth accelerate this quarter to +14% against a demanding +12% comparative in the prior-year period. This was fuelled by the performance of iconic Jewellery and Watch lines supported by novelties which met a strong success, particularly during the festive season. Sales progressed across all channels and almost all regions, with the strongest contribution to growth coming from the Americas and Europe. Specialist Watchmakers’ sales grew across all regions except Asia Pacific, with notable double-digit increases in the Americas and Middle East & Africa, thereby moderating from a 16% rate of decline seen in the first half of the year to -8% in Q3. The Group’s Other business area, which includes Fashion & Accessories Maisons, recorded a rise in sales of 11% compared to the prior-year period. Watchfinder & Co grew at double digits, while the Fashion & Accessories Maisons saw their sales increase by 7%, thanks to continued progress at Alaïa and Peter Millar, as well as the added contribution of Gianvito Rossi, consolidated since 1 February 2024.



Trading in the nine-month period ended 31 December 2024
Sales over the nine-month period to December 2024 increased by 4% at constant and by 3% at actual exchange rates. A quarter-by-quarter sales overview is presented in Appendix 1.
The Group’s net cash position at 31 December 2024 rose to € 7.9 billion (2023: € 6.8 billion). It excludes YOOX NET-A-PORTER (YNAP)’s net cash position of € 0.2 billion since the assets and liabilities of YNAP are classified as ‘Assets of disposal group held for sale’ and ‘Liabilities of disposal group held for sale’, respectively.
YNAP, which is presented as ‘discontinued operations’, recorded a sales reduction of 15% at constant exchange rates (-14% at actual exchange rates) for the three months ended December 2024 and declined by 15% at both constant and actual exchange rates for the nine months ended December 2024.



Corporate calendar
The Group’s results for the financial year ending 31 March 2025 will be announced on Friday 16 May 2025. The Group’s corporate calendar is available on https://www.richemont.com/investors/corporate-calendar/.