The Richemont group reported a 34% rise in operating profit for the fiscal year ending in March 2023 to EUR 5.03 billion and a 19% increase in sales boosted by strong demand from Chinese consumers for watches and jewellery, notably over the three months to March 31 since the country’s re-opening after COVID-19 closures.
Richemont reported an all-time sales figure of EUR 19.95 billion and operating profit of EUR 5.031 million, bolstered by double-digit gains in all product categories.
Sales in Asia-Pacific, its biggest region by revenue, jumped 25% in the final quarter, to a final figure of EUR 2.3 billion, but there was sales growth across all regions, distribution channels and business areas.
All business areas reported higher sales and profits and all business areas delivered double-digit sales growth compared to the prior year. Jewellery Maisons generated 21% sales growth at actual exchange rates, and Specialist Watchmakers grew sales by 13%. The watchmaking brands had combined sales of EUR 3.9 billion and operating margin of 19.0% compared to the prior year. Direct-to-client sales reached 56% of sales.
To read the full press release, go to this link. To read about the changes in their Board of Directors, go to this link,
Categories: Industry news, Switzerland, watches, Watchmaking
HOROLOGIUM 
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