NEW YORK: Angelina Rascouet Richemont sales unexpectedly jumped by double digits during the holiday shopping season as consumers splurged on the Swiss luxury conglomerate’s Cartier products.
Sales at constant exchange rates jumped 10% during the three months through December, Richemont said in a statement yesterday.
Analysts had expected a gain of 0.92%.
The Americas and Europe drove that strong performance.
Although Richemont and other luxury firms had been facing cooler demand for high-end goods after years of aggressive price increases, the results show signs of a recovery.
Sales in the Asia Pacific region slid 7% in the past three months, which was still much better than estimates.
China’s shoppers have shown a weaker appetite for luxury amid worries about the health of the real estate market. –– Bloomberg
