The Swiss conglomerate achieved a 39 percent surge in net profit to €2.5 billion, propelled by €9.1 billion in jewellery sales from Cartier, Van Cleef & Arpels, and Buccellati. Specialist watchmakers such as Vacheron Constantin and Jaeger-LeCoultre also beat expectations with a 12 percent organic sales lift in the second quarter. Regional growth remained strongest in Japan and the Americas, though sales dropped 7 percent across the Middle East and Africa. An unexpected global Microsoft outage also disrupted operations by temporarily delaying the release of the half-year financial results on Friday.
Key points
Despite the robust half-year earnings beat, Richemont shares dropped 7 percent on Friday…: Despite the robust half-year earnings beat, Richemont shares dropped 7 percent on Friday as jewellery growth showed signs of normalizing.
Resilient high-end jewellery and watch sales helped insulate the business against reduced…: Resilient high-end jewellery and watch sales helped insulate the business against reduced spending from aspirational luxury shoppers.
Regional instability and subdued demand in mainland China and the Middle East continue to…: Regional instability and subdued demand in mainland China and the Middle East continue to drag on international luxury sector performance.
Sources checked by our analysis pipeline: 1
The Swiss luxury group reported stronger-than-expected profits as its jewellery maisons continued to grow and its specialist watchmakers showed signs of recovery.
Richemont said strong demand for its jewellery and a recovery in watch sales helped profits jump more than a third as the Swiss luxury group continued to defy a prolonged downturn in the sector.
The owner of Cartier and Van Cleef & Arpels said net profit for the six months to the end of September rose 39 per cent to €2.5 billion (US$2.76 billion; S$3.55 billion), beating expectations. Sales rose 17 per cent organically to €12.3 billion.
The results underscore how Richemont, along with a handful of luxury rivals including Burberry, has managed to outperform in a sector that has been hit by weaker Chinese demand and instability in the Middle East, with a pullback in spending by aspirational shoppers.
Jewellery has been particularly resilient, as wealthy consumers continue to spend on high-end pieces even as demand for luxury handbags and fashion has faltered.
Richemont’s jewellery businesses, including Cartier, Van Cleef & Arpels and Buccellati, remained the main…
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