Richemont sales surge on robust US demand for luxury jewelry

Richemont sales expanded nearly twice as strongly as expected in the quarter through the end of June, supported by robust demand among wealthy Americans for its Cartier rings and bracelets.

Sales rose by 20% at constant exchange rates, the Swiss luxury group said Wednesday, almost double the Bloomberg consensus forecast for quarterly expansion of 11%.

The jewelry division, which accounts for about three-quarters of Richemont’s business, posted growth of 24%, with sales in the Americas region jumping 27%, and the specialist watchmakers segment expanded by 8%. Overall sales advanced across all regions, including a return to growth in the Middle East and Africa, where Richemont gets just under a 10th of its revenue.

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The positive report is further evidence that the Geneva-based company has coped better with the broader slowdown in the luxury sector than rivals like LVMH Moet Hennessy Louis Vuitton SE, Gucci-owner Kering SA and Hermes International SCA, helped by the enduring appeal of brands including Cartier and Van Cleef & Arpels.

In times of economic uncertainty, high-end jewelry is seen as a superior store of value than expensive apparel and leather goods. Shares in Geneva-based Richemont have risen by about 6% this year through Tuesday’s close and are up by nearly a quarter over the past 12 months.

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Richemont has also noted that envy of success is less widespread among Americans than Europeans, which helps underpin luxury spending in the US market.

In recent months, the high-end sector has been struggling with a collapse in demand from China, as well as higher gold prices and fallout from the conflict in the Middle East, which disrupted travel in the region and hurt sales at duty-free shopping hubs like Dubai.

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