
The Group’s third quarter ended 31 December last year, with sales up 10% at constant and real exchange rates. At 6.2 billion euros, quarterly sales are the highest ever recorded.
All regions showed double-digit growth except Asia Pacific. Asia Pacific sales contracted by 7%, largely the result of an 18% decline in Mainland China, Hong Kong and Macau combined. Other Asian markets saw their performance improve, with positive results in most countries including double-digit growth in Korea. In Europe, sales increased by 19%, fuelled by higher domestic demand and tourist spend. All main countries in the region recorded a rise in sales this quarter, with notable performances in France, Switzerland and Italy. Sales growth stood at +22% in the Americas, with increases across all business areas on the back of strong local demand. In Japan, spend from both tourists and locals continued to drive sales, which increased by 19% overall compared to the prior year period. Sales in the Middle East & Africa region rose by 20%, led by the UAE and higher tourist spend.
All distribution channels recorded a rise in sales. Retail sales increased by 11%, with growth in almost all regions, led by the Jewellery Maisons, and further raising its contribution to 71% of Group sales. Wholesale sales were 4% above the prior-year period, sustained by solid performance at the Jewellery Maisons and Other business area, which more than offset a decline at the Specialist Watchmakers. Online retail sales were up 17%, also led by Jewellery Maisons and Other.
The Group’s four Jewellery Maisons – Buccellati, Cartier, Van Cleef & Arpels and Vhernier – saw their growth accelerate this quarter to +14% against a demanding +12% comparative in the prior-year period. This was fuelled by the performance of iconic Jewellery and Watch lines supported by new models which met a strong success, particularly during the festive season. Sales progressed across all channels and almost all regions, with the strongest contribution to growth coming from the Americas and Europe. Specialist Watchmakers’ sales grew across all regions except Asia Pacific, with notable double-digit increases in the Americas and Middle East & Africa, thereby moderating from a 16% rate of decline seen in the first half of the year to -8% in Q3. The Group’s Other business area, which includes Fashion & Accessories Maisons, recorded a rise in sales of 11% compared to the prior-year period. Watchfinder & Co grew at double digits, while the Fashion & Accessories Maisons saw their sales increase by 7%, thanks to continued progress at Alaïa and Peter Millar, as well as the added contribution of Gianvito Rossi, consolidated since 1 February 2024.
Sales over the nine-month period to December 2024 increased by 4% at constant and by 3% at actual exchange rates.
January 30, 2025