Buyers who pass by a Cartier store in the Gama high -end commercial district in Tokyo, Japan.
Anadolu | Getty images
A waste of expenses fed by currencies in the Japanese luxury market has finally decreased, with a weight of sales in the owner of Cartier Richemont.
Japan sales of the Swiss luxury group decreased 15% year after year to constant exchange rates in the first fiscal quarter, he said Wednesday in his fiscal sales report in the first quarter.
However, revenues in the Swiss luxury group increased by 6% year -on -year at constant exchange rates to 5.41 billion euros ($ 6.28 billion) in the three months until the end of June, slightly ahead of 5.37 billion euros forecast by analysts in a LSEs survey.
The company’s shares closed 1.2%.
The decrease in sales of Japan follows a 59% leap in revenues in the same quarter of last year, since a weaker yen caused an increase in international tourism and luxury expense.
The Japanese Yen began to depreciate himself constantly last year after the Bank of Japan ended the negative interest rates and ended his performance curve control policy in March. In June of that year, the Japanese currency weakened at least 38 years, crossing the 161 mark against the dollar.
Richemont, whose brands also include Van Cleef & Arpels and Buccellati, benefited from that weakness during the past year, informing sales growth from 20% to 25% in Japan during consecutive quarters.
I wasn’t alone. Other important luxury groups LVMH, Keing and Burberry noticed the increase, led in particular by Chinese buyers who come to the country of East Asia.
However, a recent strengthening of Yen in the first half of 2025 has paid those trends.
Yen/usd
“In Japan, sales decreased by 15% against a demanding comparison of +59% in the period of the previous year, with a yen that strongly strengthened the tourist expense, especially of the Chinese clientele, while the local demand remained positive,” Richemont said in a statement that accompanies the results of Wednesday.
However, Richemont has emerged a rare atypical in a broader luxury recession, since the demand among the buyers rich for their high -end jewels continues to shine.
Sales in the group’s jewelry jewelry division once led the position in the last report, increasing 11% to constant exchange rates.
The income within its specialized watch division, which presents Piaget and Roger Dubuis, while they continued delaying, decreasing 7% during the period.
The group said that weakness largely reflected the decrease in sales in China, Hong Kong, Macao and Japan, even when sales in the Americas increased.
Correction: The head of this article has been updated to better reflect the movement of Japanese Yen at the time the company’s sales impacted.
