Jewelry and watches boost sales at Richemont

Strong demand for jewelry and watches led to a 17 percent rise in sales for Richemont.

The world’s second-largest luxury goods maker reported sales for its financial year to end-March 2006 of 4.308 billion euros ($5.33 billion).

The Zurich-based company’s watchmaking division, which includes brands like IWC, Vacheron Constantin and Panerai, grew by 22 percent. Jewelry sales rose 15 percent during the year, driven by a strong performance at Cartier, .which showed good growth in the Americas, Japan, and the rest of the Asia-Pacific region.

“The group overall benefited from good consumer demand stemming from the generally favorable economic environment seen in its key markets,” Richemont said in a statement.

Group revenues grew the most in the Americas, where sales rose 26 percent. The Americas account for 20 percent of group sales. European sales, which account for 42 percent of group sales, rose 15 percent.

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