Storied jewelers Cartier and Van Cleef & Arpels did “exceptionally well in a volatile environment,” Richemont reported in its latest financial results.
Sales at the company’s jewelry maisons grew 6 percent in constant exchange rates for the five-month period ending Aug. 31, and 20 percent in actual exchange rates. Watch sales were particularly strong at the company’s jewelry names, it said.
Its watch brands, however, saw sales fall 1 percent in constant exchange rates for the period, but rise 10 percent in local currency. The brands suffered from weak demand in the Asia-Pacific region, but had good results elsewhere.
The statement also singled out its Montblanc and Chloé brands for their “positive performances.”
Overall sales rose 4 percent at constant exchange rates, and 16 percent in actual exchange rates, Richemont reported. That number beat market expectations and heartened investors given the current weakness in Asia.