Cie. Cartier de Panthere Wristwatch is on display at the Cartier Luxury Goods Store run by Financiere Richemont.
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Cartier owner Richmont recorded a better fourth quarter sales on Friday as the wealthiest spenders continued to mess up the uncertainty of the global macroeconomic.
Revenues for Swiss luxury groups rose 7% year-on-year to 5.17 billion euros ($57.9 billion), surpassing the LSEG analyst’s forecast of 49.8 billion euros.
Full-year sales rose 4% ahead of analyst expectations of 21.34 billion euros in the previous year.
Sales rose annually in all regions except the company’s largest market, the Asia-Pacific region (Ex. Japan). Japan led annual sales growth, increasing by 25% at actual exchange rates, supported by “strong domestic and tourist spending” and Japan’s weak yen.
Richmont previously reported 6.2 billion euros of “highest ever” quarterly revenue in January, even if China’s demands were weight.
Revenue was taken at the time as a signal for a wider transformation of the plagued luxury sector. However, the ghost of US trade tariffs and subsequent macroeconomic uncertainty have threatened to once again clash with consumer trust and discretionary spending worldwide.
This is a developing story. Please check for updates.
