(Source: Luxury Brand Network * EXCLUSIVE *)

For the three months ended Dec 2011, Richemont posted 24% sales growth in both constant and actual exchange rates. Growth was solid across all regions and channels.

Asia-Pacific sales (ex-Japan) rose 36%, the Americas rose 24%, Europe was up 15% and Japan rose 10% at constant exchange rates.

The Watch division, whose brands include Jaeger-LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine Panerai, A. Lange & Söhne and Roger Dubuis, as well as the Ralph Lauren Watch and Jewelry joint venture, logged 27% growth. The Jewellery division, which includes Cartier and Van Cleef & Arpels, followed close behind at 25%.

Montblanc was nearly flat, however, at just 1% growth. According to the company, this was primarily due to continued downsizing of the wholesale distribution unit and weak domestic demand in developed markets.

Executive Chairman and Group CEO Johann Rupert confirmed "that operating profit for the full year will be significantly higher than last year."

LBN Comment: Indications are that growth is slowing for Richemont. December sales growth of 21%--while impressive--was slower than October and November.

(Posted 16 Jan 2012)