The Asia Pacific region saw strong sales growth of 13 percent, led by a notable 25 percent sales increase in mainland China, Hong Kong and Macau. This solid performance compared to favorable comparisons from the previous year. However, Europe experienced a slowdown and sales fell 3 percent. By contrast, the Americas enjoyed an 8 percent increase in sales, while Japan outperformed all regions with an 18 percent sales increase, despite facing challenging comparisons of 43 percent growth in the same period last year. The Middle East and Africa region also showed a positive trend with a 10 percent increase in sales, the company said in a press release.
Richemont's sales in the third quarter of FY24 increased 8 percent at constant rates to 5.6 billion euros, with strong growth in Asia Pacific and Japan. Sales in Europe fell 3 percent, while sales in the Middle East and Africa rose 10 percent. Retail sales rose 11 percent, but online sales fell 5 percent. Sales in nine months grew 11 percent at constant rates.
In terms of distribution channels, Richemont's retail sales increased by 11 percent, with notable growth in all regions except Europe. The wholesale channel also performed well, with a 4 percent improvement over the previous year. However, the online retail channel saw a 5 percent drop in sales.
Looking at the nine-month period to December 2023, Richemont maintained sales growth of 11 percent at constant exchange rates and 5 percent at real exchange rates.
Fiber2Fashion News Desk (DP)
