Johann Rupert's Richemont posts record sales
Swiss luxury giant Richemont, whose brands include Cartier, reported record annual sales on Friday, with a big rebound in China after the country ended its zero-Covid measures.
Richemont said sales jumped 19 percent to a forecast-beating 19.9 billion euros ($21.7 billion) in its 2022-2023 financial year ending in March.
The company's earnings were boosted by US and Middle Eastern tourists returning to Europe and a jump in sales in Asia between January and March.
Asian sales had fallen in the previous quarter as a surge in Covid infections in China, including among its staff, forced the closure of shops.
But they bounced back as the country emerged from almost three years of Covid restrictions, which were lifted in December.
Richemont chairman Johann Rupert said he now expects Chinese tourists to return to Europe, where they were major customers at luxury stores before the pandemic.
"We are starting to see individual Chinese (travellers)," Richemont said during a conference call. "We have not yet seen signs of Chinese groups."
"But do I think that they will come back? Yes," he added.
European luxury groups have posted bumper sales as China has emerged from Covid restrictions.
Richemont's other brands include Piaget, Montblanc and Chloe.
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