Richemont Jewelry and Watch Sales Boosted by Holiday Gift-Giving

Richemont’s customers splurged on its watches and Cartier jewelry over the holidays particularly in the US, even as wider concerns about the luxury market remain.

Sales on a constant currency basis rose 11% to a record in the fiscal third quarter, the Swiss luxury group said Thursday. That beat the 7.5% estimated by analysts, while 14% growth at the jewelry division also topped expectations.

Shares of Richemont rose at the open in Zurich before slipping as much as 3.4% as investors took profit, noting its high valuation and margin pressures.

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