Cartier-owner Richemont reported a faster-than expected quarterly sales increase on Friday, helped by continued demand for its jewellery and bumper growth in the United States and Japan. The company, which also owns Swiss watch brands Piaget and IWC, said its sales rose by 13% when measured in constant currencies to €5.95 billion ($6.58 billion) in the three months to the end of September. The figure beat analyst forecasts for €5.89 billion in a consensus compiled by Visible Alpha. Although a slowdown from the 20% growth rate in the prior quarter, the figure showed the resilience of Richemont's largely jewellery-based business and a strong performance in the United States, Japan and Europe, where sales increased by 15% or more. The Swiss-based company, which makes brooches, earrings and necklaces under the Cartier, Buccellati, Van Cleef & Arpels and Vhernier brands, has bucked the trend in a struggling luxury industry thanks to its higher exposure to jewellery, with its jewellery brands accounting for about 75% of its revenues. Sales of Richemont's jewellery unit grew 14% in the quarter, while those of its specialist watchmakers division rose 12%. The company, which does not report quarterly earnings, said its first-half net profit improved to €2.53 billion from €1.81 billion a year earlier, ahead of analyst forecasts for €2.26 billion. "The group delivered a strong first half, carried by sustained excellent performance of our Jewellery Maisons, robust growth at our specialist watchmakers and solid momentum at our fashion and accessories Maisons, despite a challenging fashion market," Richemont Chairman Johann Rupert said in a statement.
