Richemont: first quarter turnover at 5.27 billion (-1%)
Swiss luxury group Richemont in the first three months of the 2024-25 period recorded a turnover of 5.27 billion euros, down 1.0% on an annual basis. At constant exchange rates, +1% was achieved. The group announced in a press release. The group has therefore not escaped the loss of speed of demand for luxury products on the global market, especially the decline in sales in Asia, and in particular in China.
The group’s watchmaking sector, which includes brands such as Piaget, Vacheron Constantin and IWC, was particularly affected by the decline. Turnover fell 14% to 911 million euros. At constant exchange rates, the contraction is 13%. The jewellery branch, led by Cartier, achieved a turnover of 3.66 billion euros, up 2% (+4% excluding exchange rate effects). The results are slightly below the forecasts made by experts contacted by the agency Awp. Analysts had expected sales of 5.29 billion on average. Richemont does not provide any indications in terms of earnings.
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