Headlines

Richemont Overcomes Decline in Watches Thanks to Healthy Jewelry Demand

Published

7 years ago

May 25, 2016

INSTORE Staff

Revenue jumps 7 percent for the luxury group.

Richemont – the Geneva-based parent company of a group of luxury brands that includes Cartier – reported a 7 percent increase in revenue to $6.79 billion in the fiscal year that ended March 31, according to Rapaport. The article says that strong jewelry demand overshowed a decline in watch sales, as timepieces “were negatively affected by a challenging environment in Asia Pacific and the Americas.” The healthy appetite for jewelry also helped offset lost revenue from a handful of flagship store closures for renovation.

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