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Demand for luxury watches and jewellery rebounded strongly after the COVID-19 pandemic, but a fresh round of lockdowns in China hit sales at rival Swatch Group (SIX:UHR) in April and May.
Richemont also felt the shortfall in mainland China, where its sales were 37% lower for the quarter.
But its overall sales growth of 12% at constant currency exceeded Swatch Group’s first-half growth rate of 7.4% thanks to Richemont’s higher exposure to the fast-growing jewellery category and an increasing share of own branded stores.
“The rate of decline (in mainland China) softened to 12% in June when restrictions were progressively eased,” Richemont, known for Cartier jewellery and IWC watches, said in a statement.
Sales grew 42% in Europe “sustained by robust domestic demand and a return in tourist spending, primarily from American and Middle Eastern clients”, while the Americas were up 25% driven by strong domestic spending, Richemont said.
