Richemont reports strong performance: sales up 10% in third quarter ended December 31, 2024

SPECIAL ANNOUNCEMENT PURSUANT TO ART. 53 LR

JANUARY 16, 2025

RICHEMONT REPORTS HIGHER SALES RESULTS FOR THIRD QUARTER ENDED DECEMBER 31, 2024, 10% GROWTH IN SALES

Highlights for the quarter ended December 31, 2024

A very solid end to the calendar year: Q3 sales up 10% at constant and actual exchange rates
- Highest quarterly sales of 6.2 billion euros
- Double-digit growth in the Americas, Europe, the Middle East, Africa and Japan; slower decline in Asia Pacific despite still strong demand in China
- A marked improvement compared to the first half of the year in all business areas with an acceleration of Jewelry Maisons up to +14%; Specialist watchmakers by -8%, ‘other by +11%, incl Maisons fashion and accessories by +7%
- Channel performance led by retail grew 11% at constant and actual exchange rates
Nine-month sales totaled €16.2 billion, +4% at constant and +3% at actual exchange rates, in the context of continued investment in the long-term growth prospects of the Maisons group
A solid net cash position of €7.9 billion

October-December		2024 year	2023 year	Traffic at:
		million euros	million euros	constant rates	actual rates
By regions	Europe	1 456	1 226	+19%	+19%
	Asia-Pacific region	1 913	2,049	-7%	-7%
	America	1 647	1 355	+22%	+22%
	Japan	592	514	+19%	+15%
	Middle East and Africa	542	449	+20%	+21%

By sales channel	Retail trade	4,382	3,942	+11%	+11%
	Internet trade	419	356	+17%	+18%
	Wholesale and royalty income	1 349	1,295	+4%	+4%

By field of activity	Jewelry Maisons	4,501	3,952	+14%	+14%
	Specialist watchmakers	867	939	-8%	-8%
	other	782	702	+11%	+11%
In total		6 150	5,593	+10%	+10%

Review of trading for the three-month period ended December 31, 2024, compared to the prior-year period at constant exchange rates

Any broad reference to Hong Kong, Macao and Taiwan in this company announcement means Hong Kong, SAR China; Macau SAR, China; and Taiwan, China respectively. Unless otherwise noted, all comments below regarding the sale relate to going concern.

At constant exchange rates, the Group’s sales increased by 10% compared to the previous year.

All regions showed double-digit growth except Asia Pacific. Asia-Pacific region sales decreased 7%, mainly as a result of an 18% decline in Mainland China, Hong Kong and Macau combined, mainly due to continued weak demand in Mainland China. Other Asian markets saw their performance improve in the quarter, with positive results in most countries, including double-digit growth in Korea. in Europesales rose 19%, driven by growth in domestic demand and travel spending, particularly by residents of North America and the Middle East. All major countries in the region recorded sales growth this quarter, with notable performances in France, Switzerland and Italy. Sales growth amounted to +22% in Americawith growth across all business areas driven by strong local demand. in Japanspending by both tourists and locals continued to drive sales, which were up 19% overall from the previous year. Sales in Middle East and Africa the region grew by 20%, led by the UAE and higher tourism spending.

All distribution channels recorded sales growth. Retail trade sales increased by 11%, with growth in almost all regions, led by Jewelery Maisons, and further increasing its share to 71% of Group sales. Wholesale sales were up 4% year-on-year thanks to strong results in the Jewelery Maisons and Other business lines, which more than offset the decline in Specialist Watchmakers. Online
retail trade sales were up 17%, also led by Jewelery Maisons and Other.

Four groups Jewelry Maisons – Buccellati, Cartier, Van Cleef & Arpels and Vhernier – saw growth accelerate this quarter to +14% against a high of +12% year-over-year. This was driven by the performance of iconic jewelry and watch lines, supported by new products that were a big hit, especially during the holiday season. Sales grew across all channels and in nearly every region, with the Americas and Europe contributing the most to growth. specialized watchmakers sales increased in all regions except Asia Pacific, with notable double-digit growth in the Americas, Middle East and Africa, thus mitigating the rate of decline from 16% seen in the first half of the year to -8% in the third quarters Groups other the business line, which includes Fashion & Accessories Maisons, recorded an 11% increase in sales compared to the previous year period. Watchfinder & Co grew by double digits, while Fashion & Accessories Maisons sales increased by 7% thanks to continued progress at Alaïa and Peter Millar, as well as an additional contribution from Gianvito Rossi, consolidated from 1 February 2024.

Trading for the nine months ending December 31, 2024

Sales for the nine months to December 2024 rose 4% at constant rates and 3% at actual rates. A quarterly overview of sales is provided in Appendix 1.

The Group’s net cash position as at 31 December 2024 increased to €7.9 billion (2023: €6.8 billion). It does not include YOOX NET-A-PORTER’s (YNAP) net cash position of €0.2 billion, as YNAP’s assets and liabilities are classified as “Disposal Group Assets Held for Sale” and “Disposal Group Liabilities Held for Sale” for sale”, respectively.

YNAP, which is presented as a “discontinued operation”, reported a 15% decline in sales at constant exchange rates (-14% at actual exchange rates) for the three months ended December 2024, and was down 15% at both constant and at actual exchange rates for the nine months ending December 2024.

Corporate calendar

The Group’s results for the financial year ending 31 March 2025 will be announced on Friday 16 May 2025. The Group’s corporate calendar is available at https://www.richemont.com/investors/corporate-calendar/.

About Richemont

At Richemont, we create the future. Our unique portfolio includes prestigious Maisons that stand out for their craftsmanship and creativity. Richemont’s ambition is to develop its homes and businesses and enable them to grow and prosper in a responsible and sustainable way in the long term.

Richemont operates in three areas of activity: Jewelry Maisons from Buccellati, Cartier, Van Cleef & Arpels and Vhernier; Specialist watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and otherprimarily Fashion & Accessories Maisons with Alaïa, Chloé, Delvaux, dunhill, Gianvito Rossi, Montblanc, Peter Millar including G/FORE, Purdey, Serapian and Watchfinder & Co. In addition, Richemont manages NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division. Learn more at https://www.richemont.com/.

Richemont ‘A’ shares are listed on the SIX Swiss Exchange, Richemont’s main listing, and are included in the Swiss Market Index (‘SMI’) of leading stocks. Class A shares are also traded on the Johannesburg Stock Exchange, Richemont’s secondary listing.

Inquiries from investors/analysts and the media

Alessandra Girolami, Group Director of Investor Relations
James Fraser, Head of Investor Relations

References of investors/analysts: +41 22 721 30 03; [email protected]
Mass media: +41 22 721 35 07; [email protected]; [email protected]

Disclaimer

The financial information contained in this announcement has not been verified.

This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont’s forward-looking statements are based on management’s current expectations and assumptions regarding the Company’s operations and results, the economy and other future conditions and projections of future events, circumstances and results. Our retail stores are highly dependent on the ability and willingness of consumers to travel and shop, and a decrease in consumer traffic could adversely affect our comparable store sales and/or average sales per square foot and store profitability, resulting in impairment charges that could have a material adverse effect on our business, results of operations and financial condition. Reduced travel due to economic conditions, civil orders to close retail stores, travel restrictions, travel disruptions and other circumstances, including disease outbreaks and other health-related issues, could have a material adverse effect on us, particularly if such events affect our customers’ willingness to travel to our retail stores. International conflicts or wars, including the resulting sanctions and restrictions on the import and export of finished products and/or raw materials, imposed domestically or by international states, non-governmental organizations or others, may also affect these forward-looking statements.

Like any prediction or forecast, forward-looking statements are inherently sensitive to uncertainties and changes in circumstances. Actual results may differ materially from forward-looking statements due to a number of risks and uncertainties, many of which are beyond the Group’s control. Richemont undertakes no obligation to update and undertakes no obligation to update or revise any forward-looking statements.

This announcement does not contain complete information and should not be used as a basis for any investment decision regarding the Company’s shares. Below is the full text of the announcement in PDF format:

Richemont FY25 – Q3 Sales PDF EN