FRANCE: Asia flat as Richemont Q3 sales rise 5%
Sales growth at luxury goods business Richemont slowed to 5% in the third quarter, with Asia Pacific revenues flat at constant currencies.
The company, owner of Alfred Dunhill, Chloé and Net-a-Porter, said revenues in the three months to 31 December were up 5% at constant exchange rates to EUR2.862bn (US$3.821bn).
While sales in Europe rose by 9% and revenue in the Americas increased by 13%, sales in Japan edged up only 2% and Asia Pacific revenues were flat “following several years of exceptional growth”, Richemont said.
“At this stage, it is unclear how business patterns may develop and how the business in the Asia Pacific region will evolve in the near future,” the company added, highlighting the “cautious approach” taken by retailers in Hong Kong and mainland China.
Both Net-a-Porter and Chloé reported good growth in the quarter, helping Richemont's other businesses to post sales of EUR374m, up 6% at constant exchange rates.
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