The parent of Cartier and Van Cleef & Arpels saw all geographies, categories, sales channels suffer.
LONDON — Sales at Compagnie Financière Richemont nearly halved in the first quarter to 1.99 billion euros, despite double-digit growth in China fueled by jewelry and fashion.
China was the outlier, growing 49 percent in the period. As a whole, the Asia-Pacific region was down 29 percent, with sales of 1.01 billion euros, and was Richemont’s largest market in the period. Richemont said that China delivered triple-digit online sales growth and “very strong” domestic retail sales as shoppers stopped spending abroad.
In Europe, sales fell 59 percent to 436 million euros, with all markets impacted by public health protection measures, as well as by subdued local demand and a lack of international tourism. In the Americas region, sales were down 61 percent to 277 million euros, while in Japan they fell 64 percent to 112 million euros.
Jewelry sales were down 41 percent, despite double-digit demand in China, where jewelry sales increased by 68 percent in the period. Richemont said growth in China was fueled by increased online and off-line retail spend and the contribution of the recently opened Cartier flagship store on Tmall’s Luxury Pavilion.
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