Rupert’s Richemont profits as retail therapy persists
Richemont, the owner of Cartier and Van Cleef & Arpels, reported a more than doubling in first-quarter revenue.
Richemont, the owner of Cartier and Van Cleef & Arpels, reported a more than doubling in first-quarter revenue.
Richemont’s sales in the third quarter increased by 5% at constant exchange rates compared to the prior period, with China leading sales.
Richemont shares rallied the most in three years as strong appetite for Cartier jewellery and IWC watches during the holiday season signalled consumers still want to splurge on luxurious bling.
Richemont reported a surprise drop in revenue from its watch business, with protests in Hong Kong cutting sales in a key luxury market for the owner of Cartier.
Swiss luxury-goods maker Richemont’s head of watchmaking is leaving less than four months after a management reorganization put him in control of a portfolio of brands stretching from IWC Schaffhausen to Vacheron Constantin.
Luxury goods maker Richemont doesn’t expect the market for luxury goods to improve in the short-term after sales plunged 18 percent in April.
Richemont Co-Chief Executive Officer Bernard Fornas will leave at the end of March after two decades with the company and remain on the board.
Richemont, the maker of Cartier jewelry and IWC Schaffhausen timepieces, reported its first decline in Christmas revenue since 2008 amid weak demand for watches in Asia.