Cartier and Montblanc owner Richemont has hailed young people for cashing in on luxury watches following a surge in sales and profit.
The Swiss giant, whose brands also include Dunhill and Serapian, brushed aside rising inflation and temporary store closures to deliver double-digit increases. In its results for the year to March 31, it reported a 46 per cent rise in sales to £16.3billion – up from £11billion a year earlier.
Smart choice: Richemont, whose Montblanc brand ambassador is actor Hugh Jackman (pictured), saw profit soar 129 per cent to £2.9billion from £1.4billion a year earlier
The firm, whose Montblanc brand ambassador is actor Hugh Jackman, saw profit soar 129 per cent to £2.9billion from £1.4billion a year earlier.
Chairman Johann Rupert said: ‘The increased appeal of high-quality watches to millennials and Gen-Z is positive for the future.’
But the average customer is wealthy – a limited edition Rotonde Cartier watch costs £255,000.
Growth was led by the US and a rise in sales in China, Europe, the Middle East and Africa. It took a £142m hit from suspending activities in Russia. Its shares fell 13.1 per cent, to 91.76 Swiss francs yesterday.
