Richemont, owner of brands like Cartier and Van Cleef & Arpels, posted better-than-expected quarterly sales, despite global economic uncertainty.
Swiss luxury giant Richemont reported a 7% increase in fourth-quarter sales, slightly ahead of expectations, as affluent customers continued to invest in high-end jewelry despite ongoing economic concerns.
The company, which owns prestigious names such as Cartier, Van Cleef & Arpels, Piaget, and Jaeger-LeCoultre, said sales reached €5.17 billion for the quarter ending in March, up 7% at constant exchange rates.
This performance surpassed analysts' expectations compiled by Visible Alpha, which predicted a 6% increase according to HSBC. However, the growth pace was slower compared to the 10% rise seen in the previous quarter.
Richemont’s solid showing highlights the continued strength of the luxury jewelry sector, even as other markets face headwinds.
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