Overview

• Richemont reported a 10% increase in third-quarter sales, reaching €6.2 billion, its highest quarterly revenue ever, surpassing analysts' expectations of 1% growth.
• Jewelry sales, including Cartier and Van Cleef & Arpels, led the growth with a 14% rise, while watch sales experienced smaller declines than anticipated.
• The Americas and Europe saw double-digit sales increases of 22% and 19%, respectively, driven by strong local demand and tourist spending from regions like the Middle East.
• China's economic struggles continued to weigh on the luxury market, with Richemont's sales in Mainland China, Hong Kong, and Macau declining by 18%.
• The positive results lifted Richemont's stock by nearly 16% and spurred gains across the luxury sector, including LVMH and Hermès, as investors expressed optimism for industry recovery.