Richemont reported a 7% increase in fourth-quarter sales on Friday, helped by strong demand for high-end jewellery in the United States, which offset weaker performance in its watch division, particularly in Asia.
The Swiss luxury group, which owns Cartier and Van Cleef & Arpels, generated €5.17 billion in sales in the three months to March, slightly ahead of analyst expectations. Growth slowed from 10% in the previous quarter.
Jewellery sales rose 11%, supported by resilient US demand, while watch revenues fell by the same margin, reflecting softer sentiment in China amid ongoing property market pressures.
Analysts noted Richemont's relative strength in the sector, with its jewellery division now accounting for more than half of sales, up from 36% in 2019.