Swiss luxury group Richemont reported better-than-expected sales for its most recent quarter, bolstered by its jewelry business and despite a volatile market for the luxury sector. The jeweler and watchmaker booked sales of €6.33 billion ($7.23 billion) for the quarter ended June 30, a 20% increase compared with the same period a year earlier at constant exchange rates. This result surpassed analysts’ forecasts of 5.89 billion euros.

Sales growth accelerated from the preceding quarter, when the company posted a 13% rise. The core jewelry business, home to brands like Cartier and Van Cleef & Arpels, recorded a significant 24% jump in sales to 4.73 billion euros, ahead of consensus expectations of 4.35 billion euros. This strong performance in its most profitable segment highlights the continued demand for high-end jewelry.

The company's overall performance indicates resilience in the luxury market, particularly within its specialized areas. The positive sales figures suggest that Richemont's strategic focus on its iconic jewelry houses is paying off, even amidst broader economic uncertainties. The 20% overall sales increase demonstrates robust consumer engagement with Richemont's luxury offerings.