LONDON — Richemont reaped the rewards of a sustained demand for high-end jewelry and watches in the face of a tough economic climate Monday, when it reported a 24 percent increase in third-quarter sales to 2.62 billion euros, or $3.51 billion, for the three months ended Dec. 31, from 2.12 billion euros, or $2.84 billion, in the same period last year.
While sales grew across all regions, the performance of Asia-Pacific stood out as “above the group average,” Richemont said, notching a 36 percent rise to 1.05 billion euros, or $1.40 billion. The growth was driven by strong demand in Hong Kong and Mainland China. The company did note, however, that sales growth in the Asia-Pacific region had slowed compared to the year’s first half, when sales there grew 48 percent. Richemont said the slowdown reflected “demanding comparative figures” and a move towards more sustainable long-term growth rates in the territory.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"