Richemont Double Digit Growth Across All Businesses

Yesterday the Richemont share price soared 5%. It is great to see a stock move higher after all the red in the broader market. The luxury goods company showed a 38% sales increase for their latest quarter compared to the same quarter in 2019. We don't look at 2020 because, well, does it really count as a year?

The group showed double-digit growth across all business units. Their jewellery business needs a specific mention, with growth of 57% over the 2019 number. Companies across the whole luxury goods sector have shown similar trends. Rich people have money to spend!

One theory is that Covid reminded people that life is short. What is the point of working your whole life to unexpectedly die at 55? People are taking the view that they should spend their money while they can. Time will tell if this is a passing phase or a permanent change. I'm just glad that after going sideways for seven years, Richemont's share price doubled in about a year.