Surge in jewelry spending pushes Cartier owner Richemont sales higher

Cartier owner Richemont said Wednesday its sales revenue grew last quarter despite the effects of a strong euro and weak sales in Asia, its top market.

The Swiss-based luxury group, one of the largest in terms of revenue, said overall sales rose by three percent in April through June to 5.4 billion euros ($6.3 billion).

But the weakness of the dollar bit into the increase, which otherwise would have been a six percent gain.

The company posted double-digit sales gains in Europe, the Americas and the Middle East and Africa regions, both stripping out currency fluctuations and at actual rates, with jewellery driving the gains.

“The Group’s four Jewellery Maisons — Buccellati, Cartier, Van Cleef & Arpels and Vhernier –- recorded an 11 percent rise in sales, marking a third consecutive quarter of double-digit growth,” the company said in a statement.

But a four percent contraction in the Asia Pacific region and a 13 percent drop in Japan at current rates weighed on overall sales, as did a 10 percent drop in revenue from its specialist watchmakers division, which includes names such as Panerai, Piaget and Vacheron Constantin.

The overall quarterly sales were in line with expectations of analysts surveyed by Swiss financial news agency AWP, although the leading jewellery segment performed slightly better than the experts expected.

This story was originally featured on Fortune.com