Richemont sails into 2020

End-of-year is always an important period for the luxury industry - all the more so as sales in Hong Kong continue to bear the brunt of the pro-democracy protests that have shaken the country for over six months Richemont has been no exception, noting "a marked contraction" in Hong Kong sales but no actual numbers Overall, the group ended its third quarter with a 6% increase in sales at €42 billion.

The same goes for Buccellati's sales: estimated in the region of €50 million a year, they weigh little in the €2.2 billion of jewellery sales for this third quarter, which increased by 9% to contribute 52% of the group's total sales Though not quite so spectacular, sales by the group's specialist watchmakers for the same period came in at a respectable +4% at €818 million With quarterly sales of €670 million or 16% of total, the group's online presence has become a priority.

To conclude, for the nine months to December 31st 2019, Richemont's sales increased by 8% to €11.6 billion with a net cash position of €2.4 billion. . Source