Cartier and Montblanc owner Richemont hails youngsters for cashing in on luxury watches following surge in sales and profits
- The Swiss giant ruled out rising inflation and temporary store closures
Cartier and Montblanc owner Richemont hailed young people for cashing in on luxury watches following a surge in sales and profits.
The Swiss giant, whose brands also include Dunhill and Serapian, brushed off rising inflation and temporary store closures to offer double-digit increases.
In its results for the year to March 31, it reported a 46% rise in sales to £16.3bn, from £11bn a year earlier.
Smart choice: Richemont, whose Montblanc brand ambassador is actor Hugh Jackman (pictured), saw profits soar 129% to £2.9bn from £1.4bn a year earlier early
The business, whose Montblanc brand ambassador is actor Hugh Jackman, saw profits soar 129% to £2.9bn from £1.4bn 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 driven by the United States and increased sales in China, Europe, the Middle East and Africa. It took £142m to suspend operations in Russia. Its shares fell 13.1% to 91.76 Swiss francs yesterday.