Richemont sales beat expectations, +12% in last five months

Swiss luxury goods group Richemont has reported a 12 per cent rise in sales in the five months to August 31 in constant currencies, boosted by jewellery and strong performances in China and Hong Kong.

The world’s No.2 luxury goods group and peer Swatch Group are emerging from a long period of declining sales caused by the collapse of the Hong Kong market and fewer Chinese tourists travelling to Europe’s luxury shopping hubs. Richemont did not comment on expectations for the coming months, or nominate a successor to head its watchmaking business, including brands IWC and Jaeger-LeCoultre, ahead of its annual general meeting in Geneva later on Wednesday.

In Europe, sales rose 3 per cent – but Richemont said growth was in double digits in the UK as a result of the weak pound, which makes luxury goods attractive to tourists.