Swiss firm Richemont’s sales ascend 8% in Q3 FY24


Richemont, a leading Switzerland-based luxury goods conglomerate, has reported an 8 per cent increase in sales at constant exchange rates, reaching €5.6 billion for the third quarter of fiscal 2024 (Q3 FY24). At actual exchange rates, the growth was a modest 4 per cent, with significant contributions from Japan, the Asia Pacific, and the Americas regions.The Asia Pacific region saw a robust sales growth of 13 per cent, led by a remarkable 25 per cent sales surge in mainland China, Hong Kong, and Macau. This strong performance was set against favourable comparatives from the previous year. However, Europe experienced a downturn with sales dropping by 3 per cent. Conversely, the Americas enjoyed an 8 per cent rise in sales, while Japan outperformed all regions with an 18 per cent sales increase, despite facing challenging comparatives from a 43 per cent growth in the same period last year. The Middle East and Africa region also showed a positive trend with a 10 per cent increase in sales, the company said in a media release.Richemont’s Q3 FY24 sales rose 8 per cent at constant rates to €5.6 billion, with strong growth in Asia Pacific and Japan.
Europe’s sales fell by 3 per cent, while the sales in Middle East and Africa increased by 10 per cent.
Retail sales were up 11 per cent, but online sales dropped by 5 per cent.
Nine-month sales grew 11 per cent at constant rates.In terms of distribution channels, Richemont’s retail sales climbed by 11 per cent, with notable growth in all regions except Europe. The wholesale channel performed well too, with a 4 per cent improvement over the previous year. However, the online retail channel experienced a 5 per cent decline in sales.Looking at the nine-month period leading up to December 2023, Richemont sustained a sales increase of 11 per cent at constant exchange rates and 5 per cent at actual exchanger.

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