Richemont sales rise 6% as jewelry demand stays strong
Richemont reported 6% YoY sales growth to 5.4 billion euros ($6.3 billion) in Q3, driven by its top jewelry brands Cartier and Van Cleef & Arpels, which posted over 10% growth for the third consecutive quarter. The jewelry division, accounting for two-thirds of revenues, offset declines in specialist watchmaker sales (down 7%) and fashion accessories (down 1%). Despite geopolitical uncertainty and weak Chinese markets, jewelry sales rose 11% at constant exchange rates, beating analyst estimates. Americas, Europe, and Middle East revenues climbed 11%-17%, while Asia-Pacific remained flat and Japan fell 15% as tourist spending normalized.