China growth helps Richemont offset sales weakness in Europe

FILE PHOTO: Visitors look at watchesaton the Montblanc stand, part of the Richemont luxury group, at the "Salon International de la Haute Horlogerie" (SIHH) watch fair in Geneva, Switzerland, January 14, 2019. REUTERS/Denis Balibouse - Copyright DENIS BALIBOUSE(Reuters)

By Reuters

Published on 18/07/2019 - 08:04•Updated 19/04/2024 - 06:00

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PARIS (Reuters) - Strong sales in Asia helped Cartier owner Richemont <CFR.S> on Thursday post a 9% rise in comparable revenue for the quarter to June 30, offsetting a weaker performance in Europe and in spite of protests in Hong Kong which weighed on sales.

Growth in mainland China in particular drove growth, the group said.

Revenue rose 12% on a reported basis to 3.74 billion euros (3.38 billion pounds) in the April to June period, Richemont said, up 12% at constant currencies. The figures included its online distributors like e-commerce platform Yoox Net-A-Porter.

Without these, sales would have been up 3% at constant exchange rates.

(Reporting by Sarah White; Editing by Michelle Martin)

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