The luxury group Richemont experienced a significant boost in sales during the third quarter, with revenues reaching €5.658 billion. This marks a 32% increase compared to the same period in 2020 and a 38% increase compared to 2019. The growth was primarily driven by local consumption, as the company reported double-digit sales growth in all regions of activity from October to December. While the Americas and the Asia-Pacific region showed strong results, it was the Middle East and Africa region that experienced the highest growth, with a 65% increase, partly influenced by the impact of Expo 2020 Dubai. Europe also saw a recovery, with sales up by 12%.
Both physical and online stores saw increased footfall, with in-store sales within the group increasing by 56% compared to Q3 2019. The holiday season contributed to this surge in footfall, accompanied by a 40% increase in online sales during the same period. Some business areas even saw triple-digit growth in online sales. Richemont’s expansion in e-commerce activities has been successful, with Cartier becoming the top-selling brand on Alibaba’s platform within a year of joining the Luxury Pavilion.
The jewelry sector was the standout performer during the third quarter for Richemont. Sales in this segment increased by 57% at constant exchange rates compared to 2019. The group highlighted growth across all product ranges and price points. Watch brands saw a 20% increase in sales, while fashion brands and online retailers such as Net-A-Porter and Watchfinder & Co. experienced a 19% growth.
