The pandemic has slowed down the sale of luxury goods considerably, but over the past three months, some companies have managed to recover their sales figures.
This is the case for Burberry and Richemont, which just released their results for their first quarter of 2021.
Burberry’s sales up 90 percent
British brand Burberry said its like-for-like sales exceeded pre-pandemic levels, thanks in part to the arrival of a younger customer base.
The luxury brand said Friday that retail revenue for the past 13 weeks rose 86 percent to 479 million pounds (or $662 million). Same-store sales were up 90% from the same period last year and 1% from two years ago.
As a reminder, after the recent announcement of the resignation of Burberry boss Marco Gobbetti after 5 years to take over Ferragamo, Burberry‘s shares fell by 10%.
Despite these figures, the resigning boss remains optimistic for the group “We’ve had a great start to the new financial year,” he says. “Full-price sales have accelerated as our collections and campaigns have attracted new, younger luxury customers to the brand.”
Richemont: Sales up 129% to €4,397 million as of June 30
The positive trend can also be found on the Geneva-based group’s side. Cartier’s maker, Richemont, also announced on Friday that its constant currency sales more than doubled in the quarter ended June 30.
With the pandemic, sales of luxury goods were slow. This year, the market has recovered, and Richemont has been able to take advantage of its leadership position in jewelry.
The luxury brand’s constant currency sales were up 129%, or $5.19 billion in the first quarter compared to Q1 2020.
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Photo à la Une : © Richemont
