At constant exchange rates, sales in the quarter ended 30 June 2024 rose by 1% to € 5.3bn, after growing by 19% in the prior-year period, demonstrating the Group’s resilience in a continuing uncertain macroeconomic and geopolitical environment.
All regions delivered growth except for Asia Pacific where sales contracted by 18%, as higher sales in South Korea and Malaysia only partially mitigated a 27% decline in China, Hong Kong and Macau combined. The decline reflected both the low level of consumer confidence and the strong comparatives ranging from double-digit growth in the mainland to triple digits in Hong Kong and Macau over the prior-year period.
In Europe, sales increased by 5%, driven by resilient local demand and stronger tourist purchases. In the Americas, the 10% sales progression reflected sustained domestic demand across all distribution channels. The strongest regional sales growth was once again generated in Japan, at +59%, on top of strong comparatives (+14% in the prior-year period).
Growth was fuelled by domestic demand and thriving tourist spending from Chinese, South Korean, South-East Asian and American clients, favoured by a weakened yen. Sales in the Middle East & Africa rose by 8%, benefitting from growing domestic and tourist spending in the UAE and Saudi Arabia.
Sales growth in the retail and online retail channels offset a sales decline in the wholesale channel. Retail sales, which accounted for 69% of Group sales, increased by 2%, driven largely by mid-single digit growth at the Jewellery Maisons.
Online retail sales rose by 6%, sustained by growth at Watchfinder as well as the Jewellery and Fashion & Accessories Maisons. The 5% sales decline in the wholesale channel primarily reflected weaker performance in Asia Pacific.
The Group’s three Jewellery Maisons – Buccellati, Cartier and Van Cleef & Arpels – delivered a 4% sales growth against demanding comparatives (+24% in the prior-year period). Growth was supported by both jewellery and watches. All channels and regions posted higher sales except for wholesale and Asia Pacific.
Sales at the Specialist Watchmakers declined by 13% as Japan’s noteworthy performance only partially offset lower sales in Europe and Asia Pacific, particularly in China, Hong Kong and Macau combined. Of note was the resilience of Vacheron Constantin and A. Lange & Söhne.
The Group’s Other business area generated a 6% sales increase, underpinned by a double-digit progression at Watchfinder and a 4% growth at the Group’s Fashion & Accessories Maisons, which included Gianvito Rossi, consolidated since 1 February 2024. The ongoing momentum of Alaïa and Peter Millar broadly compensated for softer sales at most of the other Maisons, including at Chloé where the debut collection under the new creative director only reached stores at the end of the quarter under review.
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