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Richemont Q3 sales beat poll on jewellery, watch retail recovery
January 12, 2017 / 6:22 AM / a year ago

Richemont Q3 sales beat poll on jewellery, watch retail recovery

ZURICH, Jan 12 (Reuters) - Luxury goods group Richemont said strong demand for jewellery and an improvement in watch sales in its own stores helped sales grow 5 percent in the quarter to December, in a sign the luxury watch industry may see a recovery this year.

Swiss watchmakers are grappling with weak demand in their two biggest markets, Hong Kong and the United States, as consumers think twice before paying sky-high prices for watches and fewer Chinese travel and shop for fear of extremist attacks.

“The 10 percent growth in sales in the Asia Pacific region reflected strong performances in mainland China and Korea, mitigated by continued declines in Hong Kong and Macau,” the Geneva-based maker of IWC watches and Cartier jewellery said in a statement on Thursday.

Reporting by Silke Koltrowitz; Editing by Michael Shields

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