Richemont reported strong sales and profits for its jewelry business as sales rose 24% for the fiscal year ended September 30, 2022.
The company, which owns brands such as Cartier and IWC Schaffhausen, earned almost 9.7 billion euros this half, compared to almost 7.8 billion euros last year. The company also reported an operating profit of 2.7 billion euros.
As a result, the company’s profit from continuing operations amounted to 2.1 billion euros.
However, the company’s overall performance was capped by a €2.7 billion expense from discontinued operations as a result of an agreement with Farfetch and Alabbar to sell a majority stake in Yoox Net-a-Porter.
Richemont also continued its sustainability efforts by reducing the energy consumption of boutiques and offices across Europe by 10%. The company believes it is on track to be 100% renewable by the end of 2025.
Johann Rupert, Chairman of the Board of Directors, said: Compared to the previous year, there was a double-digit increase in sales at the actual exchange rate across all businesses, channels and regions, with the exception of Asia-Pacific, where sales increased by 3%. Growth was led by the retail channel, which together with the online channel accounted for 73% of the group’s sales.
With overall sales growth of 24% and increased sales across all regions and distribution channels, our jewelery houses, Buccellati, Cartier and Van Cleef & Arpels, confirmed their leading positions. To further support their active development, production sites are being expanded, operational teams are being strengthened, and communication initiatives are being strengthened.