Demand for luxury watches among young Richemont lifts
Cartier and Montblanc owner Richemont praises young people for cashing in on luxury watches following rising sales and profits.
Cartier and Montblanc owner Richemont praised young people for cashing in on luxury watches following a surge in sales and profits.
The Swiss giant, whose brands also include Dunhill and Serapian, brushed aside rising inflation and temporary store closures to deliver double-digit increases. In its results for the year to March 31, it reported a 46 per cent rise in sales to £16.3bn, up from £11bn a year earlier.
Smart choice: Richemont, whose Montblanc brand ambassador is actor Hugh Jackman (pictured), saw profits rise 129 per cent to £2.9bn from £1.4bn the previous year
The firm, whose Montblanc brand ambassador is actor Hugh Jackman, posted a 129 per cent rise in profit to £2.9bn from £1.4bn a year earlier.
Chairman Johann Rupert said: “The biggest draw of high-quality watches for millennials and Gen-Z is positive for the future.”
But the average customer is rich: a limited edition Rotonde Cartier watch costs £255,000.
The growth was led by the US and increased sales in China, Europe, the Middle East and Africa. It took a £142 million hit for the suspension of activities in Russia. His shares fell 13.1 percent to 91.76 Swiss francs yesterday.