On Thursday afternoon, luxury conglomerate Richemont announced that it had seen a 10% increase in sales in the three months to the end of the year, an important period for the performance of the luxury market. The positive news is a sign that the luxury market may be starting to recover after a turbulent end to 2024, which caused concern among most luxury conglomerates.
According to Business of Fashion, the US and European markets were the main reason for the increase, where buyers focused on fine jewelry, as opposed to low sales of watches. Although sales continued to decline in Asia, especially in China, the results were reported to exceed analysts' expectations.
Ayon sa Business of Fashion, ang mga pamilihan sa US at Europa ang naging pangunahing dahilan ng pagtaas, kung saan nakatuon ang mga mamimili sa fine jewelry, bilang kontra sa mababang benta ng mga relo. Bagaman patuloy ang pagbaba ng benta sa Asya, lalo na sa China, ang mga resulta ay naiulat na lumampas sa mga inaasahang analisis.
Richemont holds various luxury brands from Cartier in jewelry, Piaget in watches, and well-known maisons such as ALAÏA, Chloe, Montblanc and others. Business of Fashion noted that Richemont's stake in “hard luxury” (jewelry and watches) has given the company success despite the difficult times for the luxury market. On the other hand, Kering and LVMH specialize in “soft luxury” (handbags and clothes), which are generally more dynamic than jewelry trends.
However, LVMH's results from the same period are expected to be released on January 28. Stay tuned for the latest updates from Hypebeast about the luxury market and other major fashion news.
