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

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.

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 exchange rates.

ALCHEMPro News Desk (DP)