Cartier and Montblanc owner Richemont hails young people for cashing in on luxury watches following surge in sales and profit
Cartier and Montblanc owner Richemont has hailed young people for cashing in on luxury watches following a surge in sales and profit.
The Swiss giant, whose brands also include Dunhill and Serapian, brushed aside rising inflation and temporary store closures to deliver double-digit increases. In its results for the year to March 31, it reported a 46 per cent rise in sales to £16.3billion – up from £11billion a year earlier.
Smart choice: Richemont, whose Montblanc brand ambassador is actor Hugh Jackman (pictured), saw profit soar 129 per cent to £2.9billion from £1.4billion a year earlier
The firm, whose Montblanc brand ambassador is actor Hugh Jackman, saw profit soar 129 per cent to £2.9billion from £1.4billion a year earlier.
Chairman Johann Rupert said: ‘The increased appeal of high-quality watches to millennials and Gen-Z is positive for the future.’
But the average customer is wealthy – a limited edition Rotonde Cartier watch costs £255,000.
Growth was led by the US and a rise in sales in China, Europe, the Middle East and Africa. It took a £142m hit from suspending activities in Russia. Its shares fell 13.1 per cent, to 91.76 Swiss francs yesterday.