“Sales in Hong Kong retreated, additionally impacted by the relative strength of the Hong Kong dollar and the recent street protests,” Richemont said. However, a 12 percent increase in overall sales to 3.74 billion (R58.363bn) was enough to offset its weak performance in Hong Kong.
The sales were boosted by a 50 percent increase achieved by the group’s retail sales.
The group said excluding online distributors, sales increased by 6 percent at actual exchange rates and by 3 percent at constant exchange rates.
Richemont owns a portfolio of leading international Maisons and it operates in three segments: Jewellery Maisons, which are Cartier, Van Cleef and Arpels and Giampiero Bodino; Specialist Watchmakers with brands such as A Lange and Söhne, Baume and Mercier; as well as watch component manufacturing activities. The group’s division of specialist watches declined by 2 percent during the quarter after facing stiff competition.