216
Fashion Jobs
VF CORPORATION
Icebreaker: Manager, Merchandising – Apac
Permanent · AUCKLAND
BULGARI
Sales Administrator
Permanent · AUCKLAND
AESOP
Retail Business Manager | New Zealand
Permanent ·
ABBOTT
Tpm Contract Manufacturing Manager
Permanent · AUCKLAND
L'OREAL GROUP
Key Account Manager
Permanent · AUCKLAND
VF CORPORATION
Icebreaker : Sales Associate, Keyholder - Queenstown Touchlab
Permanent · QUEENSTOWN
ESSILORLUXOTTICA GROUP
Retail Associate | Sunglass Hut Northlands
Permanent · CHRISTCHURCH
ESSILORLUXOTTICA GROUP
Store Manager i Sunglass Hut Albany
Permanent · AUCKLAND
ESSILORLUXOTTICA GROUP
Retail Associate | Sunglass Hut Lambton Quay
Permanent · WELLINGTON
ESSILORLUXOTTICA GROUP
Retail Associate | Sunglass Hut Newmarket
Permanent · AUCKLAND
ESSILORLUXOTTICA GROUP
Retail Associate | Opsm Lincoln North
Permanent · AUCKLAND
ESSILORLUXOTTICA GROUP
Retail Associate | Sunglass Hut The Base
Permanent · HAMILTON
ESSILORLUXOTTICA GROUP
Retail Associate | Opsm West City
Permanent · AUCKLAND
ESSILORLUXOTTICA GROUP
Retail Associate | Sunglass Hut Dunedin
Permanent · DUNEDIN
SEPHORA
Beauty Advisor
Permanent · AUCKLAND
SWAROVSKI
Sales Consultant - Newmarket
Fixed-term · AUCKLAND
PANDORA
Seasonal Sales Team Member (Queensgate)
Fixed-term · WELLINGTON
JD SPORTS
Casual Sales Assistant - Manukau
Permanent · AUCKLAND
JD SPORTS
3ic - Manukau
Permanent · AUCKLAND
ICEBREAKER
Icebreaker : Sales Associate, Keyholder - Queenstown Touchlab
Permanent · QUEENSTOWN
ZARA
Zara Sylvia Park Casual Sales Assistant
Permanent · AUCKLAND
ZARA
Zara Sylvia Park Full Time Sales Assistant
Permanent · AUCKLAND
Published
Jan 18, 2023
Reading time
2 minutes
Download
Download the article
Print
Text size

Tourists boost Richemont's Q3, fashion is strong but Covid-hit China dents sales

Published
Jan 18, 2023

Luxury giant Richemont reported Q3 sales up 8% on Wednesday, saying that despite ongoing Chinese weakness, tourists were returning to Europe and Japan.


CHLOE - Spring-Summer2023 - Womenswear - France - Paris - © ImaxTree



And while the to-be-sold Yoox Net-A-Porter (or YNAP, which is now treated as a discontinued operation) still saw lower sales, Richemont’s continuing fashion labels carried on their growth trajectory.

The Chloé, Cartier, Dunhill and Alaïa owner is the world’s second-largest luxury group. It saw sales rising to €5.4 billion in the final three months of the calendar year, although that was below the €5.67 billion analysts had forecast. And with currency movements taken out of the picture, sales rose only 5%.

As mentioned, Japan, saw a strong recovery with sales up 30%, or 43% at constant currency (CCY) as local shoppers continued to buy and tourism gradually bounced back. The weak yen, and the ending of pandemic restrictions in October were important factors. 

Sales rose a healthy 17% in Europe (19% CCY), and like Japan, were boosted by a mixture of local shoppers and the tourism recovery with luxury consumers from the Middle East in the US in particular being noteworthy.

The Americas enjoyed a 16% sales leap, although this was a more muted 3% CCY. That partly reflected a greater share of purchases abroad given the strong US dollar. But while CCY sales within America might look tepid, overall, sales to American clients globally remained “solid”, growing by high single digits.

However, the company did say that the surge in Covid cases hit customer traffic in China, as well as in Hong Kong and Macau, leading to a 7% fall in Asia Pacific sales (down 9% CCY). The company said it wasn't only about visitor traffic in the pandemic affected locations but also staff unavailability, which meant it had to cut store opening hours or even temporary close them. That drove mainland China sales down 24%.


ALAIA - Fall-Winter2022 - 2023 - Womenswear - France - Paris - © ImaxTree



By distribution channel, the company said retail sales rose, 9% (or 6% CCY), to €3.7 billion. And online retail rose 12% (also up 6% CCY) to €391 million. Wholesale and royalty income was up 5% (or a slim 1% CCY) at €1.29 billion.

The company reported double-digit sales growth at the Jewellery Maisons and ‘Other’ business areas (up 11% and 10% in total, or 8% and 6% CCY, respectively), offsettting a 3% sales reduction at the Specialist Watchmakers (down 5% CCY).

Its figures are reported slightly differently from how they were previously given that in August last year it announced it would agree to sell a controlling stake in YNAP (which as mentioned, is now recorded as a discontinued operation). And it moved Watchfinder & Co into the Other business area. 

That Other business contains its key fashion labels and its sales growth was “fuelled by higher sales across most Maisons, and in particular at Alaïa and Peter Millar (including G/FORE)”. Most channels and regions posted growth. Meanwhile YNAP posted a 1% sales reduction, or a 6% CCY drop.

Copyright © 2024 FashionNetwork.com All rights reserved.