After some mixed results at the start of the luxury earnings season from Burberry (downside surprise) and Brunello Cucinelli (upside surprise), Richemont reported today that October to December 2023 sales were up 8 percent at constant exchange rates with broad-based growth across all geographies (https://lnkd.in/etTsWjem). Growth in Japan was 18 percent, Asia Pacific x. Japan 13 percent, Middle East and Africa 10 percent, and Americas 8 percent though Europe was down 3 percent.
As many predicted, hard luxury looks set to be the main industry growth driver during this post-pandemic normalization period. Growth in Richemont’s jewelry groups generated the strongest growth at 12 percent.