Richemont up by 10% in Q3 2024

From October to December 2024, the Group saw its sales increase by 10% (at constant exchange rates) compared to the same period last year, to €6.15 billion. This growth was driven by fine jewelry (+14%), while the performance of the watch houses was more subdued (+8%).

Sales exceeded financial analysts' forecasts despite difficulties with demand in China, where sales fell by 18%.

In the other major markets, Richemont was able to post double-digit growth of more than 10%; these results far exceeded the increase forecast by financial analysts, who were expecting sales of around 5.59 billion euros.

The end-of-year festivities may have played a positive role in the fine performance of the jewelry business, boosted by demand from Europe as well as from wealthy tourists from North America and the Middle East.

These results represent the best quarterly performance ever posted by the Swiss luxury group.

In the most dynamic regions, sales rose by 22% in the Americas and by 20% in the Middle East and Africa.

Asia-Pacific, on the other hand, was more complex, with a fall of 7%, mainly due to the fragility of the Chinese market, while the other Asian markets were in much better health. Japan, for example, recorded a 19% increase in sales.

These results confirm the analyses set out in the report published in mid-November by analysts Bain & Company. The report highlighted the fact that a significant proportion of consumers of luxury goods had reduced their demand in 2024 due to economic uncertainties and the general rise in prices while at the same time highlighting the existence of sectors that are still performing very well, such as fine jewelry.

LVMH will publish its figures on 28 January, followed by the other major groups in the sector.