Richemont Q1 results....

[Cru Jones]

FWIW, Richemont, home to Panerai, JLC, Vacheron Constantin, Piaget, A. Lange & Söhne, IWC and Cartier, among others, is doing well, confirming the strength of the luxury market despite everything.

Full Q1 report, including results by geographic region and watches vs jewelry, is available by clicking here.








Executive Chairman and Chief Executive Officer’s commentary: "We are pleased to report that Richemont has achieved strong sales growth across all segments and all geographic regions, despite a volatile and diverse economic environment.

The Group’s Jewellery Maisons and its Specialist Watchmakers have reported record sales and profits, despite the strength of the Swiss franc and the rising cost of precious materials and input costs.

[...]

Outlook

Although sales in the month of April were 29 % above the comparative period, or 20 % at constant exchange rates, we are mindful of the unstable economic environment, particularly in the euro zone.

The enduring appeal and the development potential of each of our Maisons lead us to focus our investment on the Group’s organic growth. Investments are primarily dedicated to the expansion and integration of the Maisons’ respective manufacturing facilities, as well as growth in their retail networks. Selective boutique openings will be focused in growth markets and in tourist destinations around the world.

Our Maisons remain entrepreneurial and innovative businesses at heart. More than ever, we are convinced of their resilience and long-term prospects. We therefore look forward to the future with cautious optimism."



translation: prices will keep going up!