Luxury goods group Richemont beat expectations on Friday after high demand from Chinese consumers for jewellery and watches boosted sales over the three months to March 31, sending shares to record highs.
have benefited strongly from a rebound in China following three years of disruptions and closures due to COVID-19 lockdowns, as reflected in first-quarter global sales growth of 17% and 23%, respectively.Richemont's sales outpaced the highest estimates on the market, said Jean Philippe Bertschy, analyst with Vontobel, noting it pointed to a further polarisation between the performance of the strongest labels as prices rise.
Richemont, which also owns watch labels IWC and Vacheron Constantin, reported a 34% rise in operating profit for the fiscal year ending in March to 5.03 billion euros with a margin of 25.2%, above analyst expectations.As part of an ongoing succession plan for long-serving members, the company named an American jewelry executive, Fiona Druckenmiller, to its board of directors while four other members will step down.
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