Richemont Jewelry Sales Grow

By Rapaport News / November 10, 2019 / www.diamonds.net / Article Link

RAPAPORT... Jewelry sales at Richemont increased 8% in the first fiscalhalf, even as the company faced a challenging market in Hong Kong. Jewelry proceeds at Cartier and Van Cleef & Arpels roseto EUR 3.74 billion ($4.12 billion) in the six months ending September 30,while watch sales grew 1% to EUR 1.57 billion ($1.73 billion), Richemontreported Friday. Cartier's Love and Juste un Clou jewelry brands and its Panth??re andSantos watch collections performed well, as did Van Cleef's Alhambra and Perl?(C)elines. Richemont saw global growth in the division, with Asia Pacific and Japanproving the strongest regions for jewelry overall, the company noted. However, Richemont chairman Johann Rupert noted consumerdemand was increasingly influenced by global geopolitical tensions, mainly inthe Hong Kong market, which affected watch sales. "Primarily due to a difficult environment in Hong Kong, thespecialist watchmakers registered muted sales growth," he explained. Group sales rose 9% to EUR 7.4 billion ($8.15 billion) forthe period, while operating profit plummeted 61% to EUR 869 million ($957.6million). Richemont attributed the drop in profit to a one-off cash gain duringthe same period a year ago, as the shares it held in Yoox Net-A-Porter werereevaluated after the company's buyout. Not including that gain, profit was "broadly" stable, the luxury retailer noted. Still, shares in Richemont fell 6%Friday following the announcement. The figures do not include jeweler Buccelati, which Richemont acquired on September 26, it said. Image: A Cartier store in Japan. (Flickr)

Recent News

Gold stocks outperform, New Found Gold down on initial MRE

March 31, 2025 / www.canadianminingreport.com

Global Mining M&A sees moderate gain in 2024

March 31, 2025 / www.canadianminingreport.com

TSX/TSXV mining could continue to see strong equity capital raising 2025

March 24, 2025 / www.canadianminingreport.com

Gold stocks continue to outperform in move into defensives

March 24, 2025 / www.canadianminingreport.com

Gold stocks reach new highs

March 17, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok