×
245
Fashion Jobs
POLICYBOSS
Area Sales Manager
Permanent · Chennai
RADON INDIA
Area Sales Manager - (Dealer Channel)
Permanent · Jaipur
PEOPLEFY INFOSOLUTIONS
Job Opening For Area Sales Manager Role in Mnc For Vijayawada
Permanent · Vijayawada
STANVAC CHEMICALS
Area Sales Manager
Permanent · Beawar
PERFECT PUBLISHING SOLUTIONS
Area Sale Manager-Denmark Mnc - Hearing Aid or Medical Device
Permanent · Kolhapur
SMART SOURCE
Buyer & Merchandiser With a Top Brand-Mumbai
Permanent · Mumbai
MURUGAPPA GROUP
Area Sales Manager - Commercial Vehicle
Permanent · Ahmedabad
CREATIVE SOLUTIONS
Mechanical Production Manager Sheet Metal Industry (1 - 6yrs)
Permanent · Chennai
H&M
Content Production Manager
Permanent · NEW DELHI
CAPITAL PLACEMENT SERVICES
Production Manager For Agrochemical Industry in Saykha,Gujarat
Permanent · Bharuch
ADITYA SAMRAJ NATURAL FOODS PVT. LTD.
Area Sales Manager / Regional Sales Manager
Permanent · Ambala
AIRTEL
Area Manager
Permanent · Kanchipuram
ADIDAS
Senior Tech Project Manager
Permanent · GURUGRAM
CORPORATE MANPOWER
Requirement - Operations Manager
Permanent · Kolkata
DR LAL PATHLABS
Area Sales Manager - Vijayawada
Permanent · Vijayawada
SNAPSEAARCH
sr Production Manager For Hyderabad _api
Permanent · Hyderabad
ALLEGIS GROUP
Opening For Sales Manager - Chennai
Permanent · Chennai
GOODWEAR FASHIONS
Fresh Trainee Customer Service
Permanent · NEW DELHI
SV MANAGEMENT CONSULTANTS
dy. Manager/ Shift in Charge - Production - Indore
Permanent · Indore
UNISON INTERNATIONAL CONSULTING
Garment Technician
Permanent · National Capital Region
WAYCOOL FOODS AND PRODUCTS
Area Sales Manager/ Sales Officer
Permanent · Chennai
VAMSHA RETAIL VENTURES
Foor Manager - Retail Garment Showroom
Permanent · Mayiladuthurai
Published
Jan 18, 2023
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Tourists boost Richemont's Q3, fashion is strong but Covid-hit China dents sales

Published
Jan 18, 2023

Luxury giant Richemont reported Q3 sales up 8% on Wednesday, saying that despite ongoing Chinese weakness, tourists were returning to Europe and Japan.


CHLOE - Spring-Summer2023 - Womenswear - France - Paris - © ImaxTree



And while the to-be-sold Yoox Net-A-Porter (or YNAP, which is now treated as a discontinued operation) still saw lower sales, Richemont’s continuing fashion labels carried on their growth trajectory.

The Chloé, Cartier, Dunhill and Alaïa owner is the world’s second-largest luxury group. It saw sales rising to €5.4 billion in the final three months of the calendar year, although that was below the €5.67 billion analysts had forecast. And with currency movements taken out of the picture, sales rose only 5%.

As mentioned, Japan, saw a strong recovery with sales up 30%, or 43% at constant currency (CCY) as local shoppers continued to buy and tourism gradually bounced back. The weak yen, and the ending of pandemic restrictions in October were important factors. 

Sales rose a healthy 17% in Europe (19% CCY), and like Japan, were boosted by a mixture of local shoppers and the tourism recovery with luxury consumers from the Middle East in the US in particular being noteworthy.

The Americas enjoyed a 16% sales leap, although this was a more muted 3% CCY. That partly reflected a greater share of purchases abroad given the strong US dollar. But while CCY sales within America might look tepid, overall, sales to American clients globally remained “solid”, growing by high single digits.

However, the company did say that the surge in Covid cases hit customer traffic in China, as well as in Hong Kong and Macau, leading to a 7% fall in Asia Pacific sales (down 9% CCY). The company said it wasn't only about visitor traffic in the pandemic affected locations but also staff unavailability, which meant it had to cut store opening hours or even temporary close them. That drove mainland China sales down 24%.


ALAIA - Fall-Winter2022 - 2023 - Womenswear - France - Paris - © ImaxTree



By distribution channel, the company said retail sales rose, 9% (or 6% CCY), to €3.7 billion. And online retail rose 12% (also up 6% CCY) to €391 million. Wholesale and royalty income was up 5% (or a slim 1% CCY) at €1.29 billion.

The company reported double-digit sales growth at the Jewellery Maisons and ‘Other’ business areas (up 11% and 10% in total, or 8% and 6% CCY, respectively), offsettting a 3% sales reduction at the Specialist Watchmakers (down 5% CCY).

Its figures are reported slightly differently from how they were previously given that in August last year it announced it would agree to sell a controlling stake in YNAP (which as mentioned, is now recorded as a discontinued operation). And it moved Watchfinder & Co into the Other business area. 

That Other business contains its key fashion labels and its sales growth was “fuelled by higher sales across most Maisons, and in particular at Alaïa and Peter Millar (including G/FORE)”. Most channels and regions posted growth. Meanwhile YNAP posted a 1% sales reduction, or a 6% CCY drop.

Copyright © 2023 FashionNetwork.com All rights reserved.