Richemont reported higher first-quarter sales as a rebound in China outweighed a decline in the Americas.
Sales rose 19% on a constant-currency basis to €5.3 billion ($6 billion), the Cartier owner said Monday, in line with analyst expectations.
The results underscore demand remains relatively healthy for jewelry brands including Cartier and Van Cleef & Arpels as well as luxury watchmakers such as Vacheron Constantin and IWC. Rival Omega maker Swatch Group AG reported stronger-than-expected first-half results last week.
Last week, Burberry Group Plc reported a drop in revenue from the Americas as the low-end of the luxury market in the US weakened. The US is at risk of a downturn as the country will go through a credit contraction, Richemont Chairman Johann Rupert said in May.
