Asia boosts Q1 growth for Richemont
Luxury group Richemont has reported revenues of more than €5.3 billion for the first quarter of its current business year, the three months ending June 30, 2023.
It said this figure represented growth of 14% year on year, but this is based on a new presentation of its 2022 figures motivated by its classification of online portal Yoox Net-A-Porter (YNAP) as a discontinued operation.
Last year, Richemont announced its intention to sell a 47.5% stake in YNAP to Farfetch and that it would put its remaining controlling stake up for sale. In the meantime, it said YNAP had suffered a fall in revenues of 8% in the first quarter; it said this was in the context of “a globally challenging environment for digital distribution pure players”.
In contrast, the group reported overall growth of 40% in sales in Asia, reaching more than €2.25 billion for the three-month period. It said sales were solid in all Asian markets but that the removal of covid-related restrictions and the reopening of borders in China, Hong Kong and Macau this year had led to substantial sales increases there, with triple-digit increases in Hong Kong and Macau.
