Cartier owner Richemont beats expectations as jewellery shines

By Mimosa Spencer

PARIS (Reuters) -Richmont, owner of Cart, won 7 % high expectations in quarterly sales with wealthy shoppers to go out on jewelry, helping the group to outperform competitors in luxury shrinkage.

Richmont, who also owns the Van Cleef & Arpels brand and the watchmaker Piaget, said jewelry sales jumped at 11 % in the fourth quarter until the end of March, by a year. This compensates for a 11 % decrease in the watches section, where Chinese sales were exposed, as the real estate crisis in the delicious country has decreased for luxury purchases.

The total sales of Richmont in Swission for a quarter of a quarter of 5.17 billion euros ($ 5.80 billion), an increase of 7 % in fixed currencies, parked by 6 % in the consensus of the Alpha visible that HSBC cited.

Jpmorgan said that strong jewelry sales were “more than enough” to compensate for weakness in hours, adding that she showed that Richmont “had really turned towards high quality, more profitable and less patrol than work.”

Richmont’s shares rose 5 % on Friday morning.

The group, which meets the needs of the very wealthy customers, is seen as more flexible in stagnation than other luxury groups that depend more on fashion sales.

“Richmont has continued to obtain a large market share in the jewelry,” said Jin Felipe Berchi, an analyst analyst.

Berchi also reported what he said was amazing growth and profits, especially when compared to the LVMH competitor, who owns jewelry posters Bulgarian and Tivani, although he said that Richmont was “not frustrated” to the current volatile environment.

The general luxury groups began in the hope that the strong demand in the United States will raise the sector from the largest stagnation in years, but from mid -February, signs of weakening the US economy and customs tariffs appeared in April.

Richemont shares have now gained 18 % since the beginning of the year, while Hermes, which also meets the wealthy shoppers, has increased by 14 %. LVMH and Gucci-KERING decreased by 20 % and 25 %, respectively.

Executive officials in the high prices, who were more careful than their peers in raising prices during the high demand, said they were closely seeing the customs tariff in the United States, and they will consider “all different options” to alleviate the influence while adhering to a strategy to maintain prices worldwide at the same level.

“We will adapt,” said Richmont’s chairman, Johan Robert, in a call with reporters.