Richemont has brushed aside the gloom and doom of the global watch market, reporting sales of its watches and jewellery grew by 10 per cent in the year to March.
While figures for Swiss watch exports show sluggish sales to Hong Kong and the US this year, Richemont’s brands, which include Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre and Officine Panerai, seem to have some degree of collective immunity.
The company says jewellery and watch sales did very well in both the US and Asian markets.
Richemont has reported net more than doubled to €2.79 billion euros (US$3.12 billion) for the full year, largely driven by a one-off gain of €1.38 billion euros relating to its acquisition of Yoox Net-A-Porter Group (YNAP).
Sales reached €13.99 billion, 27 per cent up on last year when including the recently acquired online businesses YNAP and Watchfinder, and up 8 per cent with those companies excluded.
By brand, the growth was led by jewellery brands Cartier and Van Cleef & Arpels, with IWC and Jaeger LeCoultre, also posting higher growth.