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The Swiss luxury group Richemont, which owns the Cartier and Van Cleef & Arpels brands, recorded growth driven by China and online distribution. However, the company’s overall turnover fell by almost half as a result of the Covid-19 pandemic.
For some time now, luxury goods manufacturers have become aware that more and more consumers, even wealthy people looking for rare and unique watches or fragrances, are more favourable to buying online.
Richemont, the Swiss luxury goods company and watchmaker behind brands such as Cartier, is launching an online portal, Yoox Net-A-Porter, in 2018. It was an embarrassing but necessary turnaround on the part of the company whose main shareholder is Johann Rupert. Rupert recognizes that consumers, especially those who are comfortable with the digital sphere, prefer to buy quality jewelry while sipping a glass of whisky on their couch.
Indeed, for its first quarter of the 2019-2020 financial year, which runs from April to June, Richemont achieved sales of 3.7 billion euros ed-nederland.com. This represents a dizzying 47% drop in sales to 1.99 billion euros.
The Asia-Pacific region held up best with a decline of only 29% to 1.01 billion euros, mainly thanks to the recovery in China where sales jumped by almost half (49%) on an annual basis.
Japan and the Americas region were the two most impacted geographic regions, with sales declining at constant exchange rates by 64% and 61% respectively libido-de.com.
Despite the closure of stores, even online sales fell by 42% to 356 million due to the temporary closure of distribution centres and strong price competition.
Richemont nevertheless underlines the progress of its own e-commerce activities, excluding online distributors, whose share of total turnover rose to 8% compared with 2% for the same period a year earlier.
Jewellery, which accounts for more than half of the group’s revenue, fell by 41% to 1.08 billion euros. Sales of watches also fell by 56% to 359 million.
Read also > RICHEMONT MANAGEMENT STRUGGLES AGAINST COVID-19 CRISIS
Featured photo : © Richemont[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The Swiss luxury group Richemont, which owns the Cartier and Van Cleef & Arpels brands, recorded growth driven by China and online distribution. However, the company’s overall turnover fell by almost half as a result of the Covid-19 pandemic.
For some time now, luxury goods manufacturers have become aware that more and more consumers, even wealthy people looking for rare and unique watches or fragrances, are more favourable to buying online.
Richemont, the Swiss luxury goods company and watchmaker behind brands such as Cartier, is launching an online portal, Yoox Net-A-Porter, in 2018. It was an embarrassing but necessary turnaround on the part of the company whose main shareholder is Johann Rupert. Rupert recognizes that consumers, especially those who are comfortable with the digital sphere, prefer to buy quality jewelry while sipping a glass of whisky on their couch.
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The Swiss luxury group Richemont, which owns the Cartier and Van Cleef & Arpels brands, recorded growth driven by China and online distribution. However, the company’s overall turnover fell by almost half as a result of the Covid-19 pandemic.
For some time now, luxury goods manufacturers have become aware that more and more consumers, even wealthy people looking for rare and unique watches or fragrances, are more favourable to buying online.
Richemont, the Swiss luxury goods company and watchmaker behind brands such as Cartier, is launching an online portal, Yoox Net-A-Porter, in 2018. It was an embarrassing but necessary turnaround on the part of the company whose main shareholder is Johann Rupert. Rupert recognizes that consumers, especially those who are comfortable with the digital sphere, prefer to buy quality jewelry while sipping a glass of whisky on their couch.
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