Swiss luxury giant Richemont, the parent company of Cartier and other prestigious brands, posted a strong third-quarter performance that significantly exceeded market expectations. According to Diamond World, Richemont’s luxury sales surged by 10% year-over-year, reaching €6.2 billion ($6.37 billion) for the three months ending in December, far surpassing analysts’ forecasts of a modest 1% growth.
Although sales in China fell by 18%, Richemont saw robust performances in the U.S. and Japan, which helped offset the decline in the Chinese market and fueled the company’s overall positive results. Despite the strong performance, Richemont has not issued forward guidance but plans to continue investing in marketing and creating exclusive in-store experiences to attract high-net-worth clientele.
Investor sentiment also received a boost, with Richemont’s shares jumping 7%, reflecting renewed optimism in the luxury sector.
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