Business News

Demand for Luxury watches among young lifts Richemont


Cartier and Montblanc proprietor Richemont hails younger individuals for cashing in on luxurious watches following surge in gross sales and revenue

Cartier and Montblanc proprietor Richemont has hailed younger individuals for cashing in on luxurious watches following a surge in gross sales and revenue. 

The Swiss large, whose manufacturers additionally embrace Dunhill and Serapian, brushed apart rising inflation and non permanent retailer closures to ship double-digit will increase. In its outcomes for the yr to March 31, it reported a 46 per cent rise in gross sales to £16.3billion – up from £11billion a yr 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

Sensible selection: Richemont, whose Montblanc model ambassador is actor Hugh Jackman (pictured), noticed revenue soar 129 per cent to £2.9billion from £1.4billion a yr earlier

The agency, whose Montblanc model ambassador is actor Hugh Jackman, noticed revenue soar 129 per cent to £2.9billion from £1.4billion a yr earlier. 

Chairman Johann Rupert stated: ‘The elevated attraction of high-quality watches to millennials and Gen-Z is optimistic for the longer term.’ 

However the common buyer is rich – a restricted version Rotonde Cartier watch prices £255,000. 

Development was led by the US and an increase in gross sales in China, Europe, the Center East and Africa. It took a £142m hit from suspending actions in Russia. Its shares fell 13.1 per cent, to 91.76 Swiss francs yesterday.

Commercial



Supply hyperlink

Leave a Reply

Your email address will not be published.