Richemont saw sales in the first fiscal quarter surge 14 percent to 5.32 billion euros, fueled by a strong rebound among Chinese tourists and locals, the luxury giant said in a trading update on Monday.
The company’s other brands division, which includes Chloé, Delvaux and Dunhill, rose by 6 percent at constant exchange rates.
By contrast, sales in the Americas were down 2 percent due to lower wholesale sales in the region which has been impacted by a cost of living crisis, rising interest rates and an overall slowdown in luxury spending on the part of the aspirational consumer.In Europe, sales were up 11 percent against demanding comparatives from the prior year. Richemont said that growth came from spending by locals, and tourists from the Americas, the Middle East and, more recently, China.
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