Luxury jewellery sales at Richemont during the first fiscal quarter saw a single-digit growth amid sluggish demand in China.

Richemont-owned jewellers – Buccellati, Cartier and Van Cleef & Arpels – reported a 4 per cent year-on-year increase in sales to €3.66 billion (around US$4 billion) during the quarter ending June 30, 2024.

“Retail sales, which accounted for 69 per cent of group sales, increased by 2 per cent, driven largely by mid-single digit growth at the jewellery maisons,” the conglomerate said.

Total sales, meanwhile, rose 1 per cent to €5.3 billion (around US$5.78 billion) year on year. The company highlighted its resilient performance amid ongoing macroeconomic and geopolitical uncertainties.

Richemont recorded growth across all regions, except for Asia Pacific. Despite higher sales in South Korea and Malaysia, there was a 27 per cent decline in China, Hong Kong and Macau combined.

“The decline reflected both the low level of consumer confidence and the strong comparatives ranging from double-digit growth in the mainland to triple digits in Hong Kong and Macau over the prior-year period,” the company noted.