Richemont’s jewelry maisons drive gross sales restoration

Luxurious items holding firm Richemont has introduced that its FY21 jewelry maisons gross sales grew three% year-on-year to £6.42m.

Working revenue on the Swiss agency’s jewelry maisons additionally spiked 11% for the yr ended 31 March 2021, growing its working margin to 31%.

The proprietor of Cartier, Van Cleef and Arpels, and Buccellati claimed that stable retail gross sales and a “triple-digit acceleration in on-line gross sales” drove its jewelry arm’s development.

In flip, the group’s general gross sales for the interval recovered to fall eight% year-on-year to £11.3m, whereas working revenue declined three%.

Johann Rupert, chairman at Richemont, stated that “following a pointy decline” in H1, the group’s gross sales restoration was “led by the jewelry maisons, on-line retail, and Asia Pacific”.

Matching the sample of a “sharp lower in demand within the first half of the monetary yr contrasted with a robust acceleration within the second half of the yr”, Richemont’s jewelry manufacturers had been capable of obtain a 54% gross sales rebound for This autumn FY21.

Rupert added: “The jewelry maisons posted greater gross sales, exceeding pre-Covid ranges, and a stable 31% working margin underlined the enduring enchantment of Cartier, Van Cleef and Arpels and Buccellati. 

“We’re happy with the management positions of Cartier and Van Cleef and Arpels in addition to with the worldwide growth of Buccellati which is progressing nicely.”