LONDON – A strong efficiency within the fourth quarter helped bolster fiscal full yr gross sales at Compagnie Financière Richemont, which fell 8 % at reported charges, and 5 % at fixed ones, to 13.14 billion euros.
The dad or mum of manufacturers together with Cartier, Van Cleef & Arpels and Dunhill mentioned gross sales within the fourth quarter had been up 30 % at precise charges, and 36 % at fixed ones, resulting from sturdy demand in Asia Pacific, and specifically Mainland China, which noticed triple-digit development within the three months to March 31.
Full-year revenue was up 38 % to 1.29 billion euros.
In a yr ravaged by COVID-19, digital gross sales additionally climbed within the triple digits, and now account for 21 % of Richemont’s group gross sales.
The corporate mentioned it was seeing a “sturdy begin” to the brand new monetary yr “with accelerating tendencies throughout all enterprise areas.”
Regardless of the pickup in efficiency, Richemont’s chairman, founder and shareholder of reference Johann Rupert sounded a typical observe of warning.
He mentioned that though the tempo of vaccination has gathered momentum, “volatility and low visibility are more likely to prevail till there may be herd immunity. There are nonetheless regarding COVID-19 developments in components of the world that might decelerate a worldwide restoration, despite the fact that underlying demand appears sturdy with supportive central financial institution actions, substantial authorities stimulus packages, and actual property and inventory markets at all-time highs.”
Rupert warned that the world “might want to learn to stay with the virus in all probability for for much longer than we had hoped,” and mentioned that Richemont’s focus will stay on “safeguarding our colleagues, companions and property whereas sustaining the required agility and adaptability to face uncertainties. We may also proceed taking decisive motion to remodel our enterprise with a deal with digital initiatives, customer-centricity and forging strategic partnerships.”
Over the previous yr, Richemont has solid landmark cooperation offers and partnerships within the digital and ESG house with corporations together with Alibaba, LVMH Moët Hennessy Louis Vuitton and Bulgari.
Rupert additionally paid tribute to Alber Elbaz, who died in April. Richemont had entered right into a three way partnership with the late designer that launched months earlier than Elbaz died of COVID-19 problems.
“Alber was extremely delicate and caring, and, along with his real empathy, possessed nice wit, expertise and creativity. His dream of ‘sensible style that cares’ was inclusive, optimistic and progressive. He will probably be vastly missed by all of us who had the great fortune to know him or work with him,” Rupert mentioned.