ZURICH, July 17 — Cartier jewellery owner Richemont reported today a surge in quarterly sales, driven by China’s reopening after years of Covid restrictions.
The Swiss luxury giant, whose other brands include fashion house Chloe and fountain pen maker Montblanc, posted €5.3 billion (RM27 billion) in revenue in its first quarter ending in June.
It was a 14 per cent increase from the same period last year.
But it was lower than the €5.4 billion expected by analysts surveyed by Swiss news agency AWP.
The group reported a “strong rebound” in the Asia-Pacific region, excluding Japan, with revenue surging 40 per cent at constant exchange rates.
The removal of Covid restrictions and the reopening of borders in China in January led to double-digit growth in the mainland and triple-digit increases in Hong Kong and Macau.
Richemont said the growth in the Asia-Pacific region offset a two per cent fall in sales in the Americas.
China’s economic recovery has displayed signs of weakness, however, with data today showing that the economy grew by 6.3 per cent in the second quarter, much lower than expected. — AFP