Richemont: a return to growth in the third quarter of 2024

Swiss group Richemont, owner of prestigious brands such as Cartier and Van Cleef & Arpels, reported +10% growth in its third quarter, buoyed by a solid performance over the holiday season.

With record quarterly sales of €6.2 billion, Richemont posted the best quarter in its history, despite an overall slowdown in the luxury sector. This strategic period, corresponding to the months from October to December 2024, marks a clear rebound for the Group, after a slightly down first half.

Growth driven by international expansion

The Asia-Pacific region remains the leading contributor to sales, accounting for 31% of total sales, although China recorded a notable decline of -18%. By contrast, the Americas (+22%) and Europe (+19%) saw strong demand, accounting for 27% and 24% of total sales respectively. Similarly, Japan (+19%) and the Middle East and Africa region (+20%) posted significant growth, reinforcing the overall dynamic.

Jewelry, a growth driver

The jewelry segment, led by iconic brands such as Cartier, Van Cleef & Arpels and the recently added Vhernier, enjoyed a remarkable +14% increase. This sector now accounts for 71% of the Group’s total sales, underpinned by flagship collections and popular new products for the festive season.

By contrast,Specialized Watchmaking, with brands such as Jaeger-LeCoultre and Piaget, suffered a slight decline of -8%. The Fashion & Accessories division, with labels such as Alaïa and Chloé, grew by +7%, confirming growing interest in these categories.

Positive outlook

Thanks to this performance, Richemont achieved sales of 16.2 billion euros in the first nine months of its financial year, up +4% at constant exchange rates. This rebound underlines the Group’s resilience in the face of challenges in the luxury goods market.

Also read: Kering: A breath of fresh air at $837 million