Richemont’s leather and textile sales down 12% - leatherbiz: Leading n Leatherbiz

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Richemont’s leather and textile sales down 12%

12/09/2003

The leather and textile division of the Swiss luxury goods group, Richemont, suffered a 12% decline in group sales in constant currency terms in the five months ended August 31 2003, the company has advised.

 

Total revenues fell 7% at constant exchange rates while sales in the three month period June-August grew 1%. A massive 19% sales slump was seen during April and May. Richemont cites the impact of SARS and the war in Iraq.

 

Sales in the Asia-Pacific region declined 29% in April and May, recovering to +6% in the June-August period.

 

The Americas continued to perform strongly, growing 4% over the five month period. European sales declined 13% while sales in Japan were 1% below the comparative period at constant rates. Richemont said sales in July and August benefited from the July opening of Cartier’s new 800 metre boutique in the Ginza district of Tokyo.

 



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