Richemont Q3 Revenue Up 24%

The Cartier store on 5th Avenue in New York. One of Richemont's luxury brands.

Luxury goods conglomerate Cie. Financiere Richemont SA said Monday that third quarter revenue increased 24 percent year-over-year to 2.62 billion euros ($3.32 billion) with all regions and nearly all of its brands reporting double-digit increases.

Revenue for the month of December alone rose 21 percent, compared with the same period of the prior year.

“The group’s overall performance remains solid,” said Johann Rupert, executive chairman and Group CEO. “The group’s activities over the past nine months enable us to reconfirm our expectations that operating profit for the full year will be significantly higher than last year.”

The largest increase for the Geneva-based company by region was is Asia, which reported a 36-percent rise for the period to 1.05 billion euros ($1.33 billion). Asia is now the company’s biggest market accounting for about 40 percent of total sales.

Europe, its second-largest market, saw sales increase 15 percent for the period to 914 million euros ($1.15 billion). In the Americas, revenue rose 24 percent to 382 million euros ($484 million). In Japan, revenue increased 10 percent to 272 million euros.

Among its jewelry brands (Cartier and Van Cleef & Arpels) sales rose by 25 percent to $1.36 billion ($1.72 billion).

In its specialist watchmakers division (Jaeger-LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine Panerai, A. Lange & Söhne and Roger Dubuis, as well as the Ralph Lauren Watch and Jewelry joint venture) sales increased 27 percent to 697 million euros ($884 million).

Montblanc, listed as a separate division was the only brand to post less than double-digit gains for the period at 1 percent growth to 220 million euros ($279 million).

Among brands Alfred Dunhill, Lancel, Net-a-Porter and Chloé, listed as “Other” by the company, sales rose 29 percent to 339 million euros ($430 million).