ZURICH (Reuters) – The Swiss group Richemont, owner of the Cartier jewelry house, announced on Thursday a 4% increase in its sales in the third quarter.
Richemont’s sales reached 5.59 billion euros in the last three months of 2023, said the group, which also owns watch brands such as Jaeger-LeCoultre, IWC and Piaget.
This figure beat the forecasts of Barclays (5.48 billion euros) and RBC (5.44 billion euros), but fell short of the 5.7 billion euros expected by Zuercher Kantonalbank.
The group recorded a 4% drop in sales during the quarter in Europe, while all other regions recorded an increase in sales.
Excluding currency effects, Richemont’s overall sales increased 8% during the quarter, representing a slowdown from the 12% increase recorded over the previous six months.
The luxury sector has been battered in recent months by persistent inflation, high interest rates and rising mortgage lending in the United States, which have sapped customer appetite.
China’s slower-than-expected recovery from COVID-19 restrictions and weak consumer confidence also weighed on the sector’s performance.
(Reporting John Revill, Diana Mandiá)
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