lower sales in mainland China.
Although revenue growth has slowed, the jewellery-maker remains tops in the industry.
Sales rose 9% in the period through August, excluding currency shifts, the Geneva-based company said today in a statement.
Analysts expected 10% growth, according to the median of 21 estimates gathered by Bloomberg News.
Revenue growth in the Asia-Pacific region, the source of 41% of Richemont’s sales last year, is waning as China cracks down on the use of watches and jewelry as bribes and illegitimate gifts.
Growth in that market was 4% excluding currency effects in the five months, continuing a slowdown in the last full fiscal year and compared with 46% growth a year earlier.
Rise in sales
Sales in Hong Kong and Macau rose in the five-month period and mainland China’s deceleration was mostly due to "prudent consumer sentiment after several years of exceptional expansion," Richemont said.
Total sales increased 4%, compared with the 6% median estimate of 14 analysts surveyed by Bloomberg.
Full-year revenue rose 14% in the 12 months through March, Richemont said in May when chairperson Johann Rupert also announced plans for a one-year sabbatical following today’s annual general meeting.
Makers of luxury goods have boosted sales as the ranks of the rich expanded. The number of people with assets worth at least $30-million rose more than 6% to a record 199 235 this year, with a combined fortune of almost $28-trillion, according to the Wealth-X and UBS World Ultra Wealth Report.
Richemont reports five-month sales figures each year when it holds its shareholder meeting. The stock has gained 57% in the past year, compared with a 26% gain in shares of Tiffany, the second- largest luxury jewelry maker. –
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