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Watch sales drive growth for Richemont

April 23, 2008

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Geneva—Richemont's year-end sales increased 10 percent to about $7.53 billion for the year (figures based on average exchange rates for the year), with sales from its jewelry maisons, and especially its watch brands, driving growth.

Watch sales totaled $1.96 billion, an increase of 15 percent, which would have been a 20 percent spike if exchange rates were held constant.

"For the year as a whole, all business areas performed well, with the group's specialist watchmakers reporting particularly strong growth," a press release announcing results for the fiscal year ended March 31 said. "The Asia-Pacific region showed the highest rate of growth and all regions reported underlying growth."

In terms of watch brands, IWC and Jaeger-LeCoultre were particularly strong.

Sales at Richemont's jewelry maisons increased to $3.77 billion, up 9 percent (or 16 percent with exchange rates held constant). The Van Cleef and Arpels brand enjoyed very strong sales growth in all regions, the release said.

Writing instrument maison Montblanc enjoyed sales growth of 9 percent for the year, driven by strong growth through its expanding network of boutiques and with an increasing proportion of sales generated by leather goods, watches and jewelry.

In the Americas, overall Richemont sales were up just 3 percent to $1.44 billion, but would have been up 13 percent if exchange rates had not fluctuated over the year.

The Asia-Pacific region was the growth leader, with sales up 21 percent.

Sales were up 12 percent in Europe, Richemont's top market.
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