Switzerland-based luxury group Richemont has reported a strong start to the new fiscal year, achieving double-digit sales growth driven by broad-based momentum across all segments, led by its jewellery maisons.

Group sales for the first quarter ended June 30 stood at €6.3 billion (US$7.2 billion), up 20 per cent at constant exchange rates and 17 per cent at actual exchange rates.

Jewellery maisons, which include Cartier, Van Cleef & Arpels, Buccellati and Vhernier, posted the biggest improvement with sales soaring 24 per cent in constant currency. 

Specialist watchmakers (Vacheron Constantin, Piaget and Panerai) grew 8 per cent, while fashion and accessories maisons (Montblanc, Chloé and Dunhill) rose 9 per cent. 

By geography, sales at constant exchange rates were up 36 per cent in Japan thanks to strong local demand and tourist spending. 

Apac sales grew 21 per cent, driven by strong demand in Hong Kong and Macau. All other main Asian markets posted strong growth, most notably South Korea and Taiwan.

The Americas reported a 27 per cent uplift, while Europe grew 11 per cent. Sales in the Middle East and Africa returned to growth with a modest 3 per cent improvement, as robust local demand more than offset the significant drop in tourist spending owing to the conflict in the region. 

The group’s net cash position at June 30 stood at €9.1 billion, up from €7.4 billion last year, including a €0.4 billion cash inflow from the disposal of the stake in Avolta. 

Earlier this year, Richemont sold specialist watchmaker Baume & Mercier to Italy’s Damiani Group for an undisclosed amount.