Luxury goods company Richemont reported that its total net sales in the first quarter (Q1) ended 30 June 2023 increased 14% at actual exchange rates and 19% at constant rates.

During the quarter, European and Asia Pacific sales rose 10% and 32%, respectively.

Sales in the Middle East and Africa rose 12% to €432m ($565.5m) in Q1. Sales declined by 4% in the Americas compared to the same period a year ago.

The company said sales growth was recorded in all channels, with the Retail distribution channel registering “the strongest relative channel performance.”

Richemont’s Retail distribution channel reported sales growth of 19% to €3.61bn ($4.72bn) on actual rates basis and 24% on constant rates, driven by increases in all regions and double-digit increases across all business areas.

Online Retail channel suffered a sales drop of 1% in the quarter on actual rates and a 2% high on constant rates. The company noted that this reflects the “varied performance among business areas.”

The company’s Jewellery Maisons business area registered 19% growth in sales and its Specialist Watchmakers business, which includes IWC, Piaget and Vacheron Constantin brands, also reported 6% compared to the same period a year ago.

In a statement, the company said: “The strongest performances were recorded in Asia Pacific and the Middle East & Africa regions. With the ongoing ‘retailisation’ of our Maisons, retail sales reached 68% of group sales.”

“Direct-to-client sales continued to grow in importance and represented 74% of group sales, up 200 basis points over a year ago.”