Richemont's 12 percent sales growth in the first quarter of 2022 was driven by significant double-digit sales growth in Europe, America and Japan, the company's press service said.

Sales in Europe grew by 42% sustained by robust domestic demand and a return in tourist spending, primarily from American and Middle Eastern clients. 

Growth was strong across markets, particularly in France where sales increased by triple digits. In Asia Pacific, the strict enforcement of a zero covid policy led to double-digit sales declines in mainland China and Macau SAR (China) and to a single-digit sales reduction in Hong Kong SAR (China). 

Sales in mainland China were 37% lower for the quarter, although the rate of decline softened to 12% in June when restrictions were progressively eased. 

The solid momentum across most other Asian markets, notably in Australia, Singapore, South Korea and Thailand, partially mitigated the decline of sales in the region, with sales in Asia Pacific overall contracting by 15%. 
In the Americas, sales rose by 25% notwithstanding demanding comparatives against the prior year period, driven by strong domestic spending. As a result, for the quarter the US was Richemont’s largest single market, accounting for 22% of Group sales. 

Japan posted the strongest regional performance with an 83% growth in sales, supported by strong local demand. Sales in the Middle East and Africa increased by 6% on demanding comparatives, reflecting solid domestic and tourist spending, notably in Dubai and Qatar.

Direct sales to clients for the Group as a whole represented 75% of Group sales.