,” Claire Kent, independent luxury and retail consultant, said.  Americas and Japan sprint, Asia Pacific carries the load The Americas was the group’s fastest-growing major market, with sales up 27 per cent at constant rates to 1.67 billion euros.  Meanwhile, Asia Pacific remains the group’s largest region, with sales up 21 per cent to 2.07 billion euros. Richemont attributes the double-digit growth in China, Hong Kong and Macau combined chiefly to Hong Kong and Macau, with South Korea and Taiwan also strong. Japan’s sales rose 36 per cent at constant rates to 632 million euros, on both local demand and tourist spending.  Europe rose 11 per cent to 1.43 billion euros, driven by local clients alongside North American and Middle Eastern visitors, with France, the UK and Germany the main contributors. Middle East & Africa returned to growth at 3 per cent, to 530 million euros,s though the United Arab Emirates recorded modestly lower sales. Jewellery does the heavy lifting The four Jewellery Maisons, which consist of Cartier, Van Cleef & Arpels, Buccellati and Vhernier, grew 24 per cent at constant rates to 4.73 billion euros, a seventh consecutive quarter of double-digit growth. Jewellery now accounts for almost 75 per cent of the group revenue.  Bernstein analyst Luca Solca told Reuters that Richemont is harvesting demand at both ends of the pyramid: One-off high-jewellery pieces for the ultra-wealthy, and entry price points for middle-class customers who reason that a bracelet worn daily holds its value better than another handbag. The Specialist Watchmakers, the group’s problem child since the post-pandemic watch bubble deflated, posted their most encouraging quarter in some time. Sales rose 8 per cent to €873 million, a clear sequential improvement, led by Vacheron Constantin, Jaeger-LeCoultre and A. Lange & Söhne and by strength in the Americas and Japan.  Meanwhile, watch sales in China, Hong Kong and Macau combined declined again, nearly offset by growth elsewhere in the region. A watch recovery without Greater China is a partial one, and wholesale exposure keeps the division hostage to retailer confidence. The other business area, primarily the Fashion & Accessories Maisons, rose 9 per cent to 724 million euros, with growth in every region except the Middle East & Africa. Peter Millar, Gianvito Rossi and Watchfinder & Co posted double-digit increases, with solid growth at Montblanc. Channels, cash and the gold question Retail rose 24 per cent and now represents 71 per cent of group sales, the direct-to-client shift that underpins Richemont’s pricing power and data advantage. Online retail grew by 18 per cent, and wholesale by 9 per cent. Richemont flagged elevated raw material costs from a volatile macroeconomic and geopolitical backdrop; with gold trading above US$4000 an ounce after doubling in two years, the input-cost squeeze on jewellery margins is industry-wide. Sales releases say nothing about profitability, and the gross-margin picture will not be visible until interim results on November 13. Further reading: Inside Richemont’s Q3 results: Jewellery’s structural advantage comes into focus.