While yesterday Swatch Group announced mild results with declining sales, it is now time for its main competitor, Richemont Group, to publish its financial results for the first quarter ended 30 June 2019 (note: Richemont’s financial year starts on April 1st). And the report is overall positive, with certain exceptions on some regions and activities. […]
Richemont just announced its audited consolidated results for the fiscal year ended 31st March 2019. At EUR 13.989 million, the luxury conglomerate sales increased by 27% at actual and constant exchange rates. The operating profit grew by 5% to EUR 1.943 million. Profit for the year rose to EUR 2.787 million including a post-tax non-cash […]
Just before the opening of SIHH 2019 (Salon International de la Haute Horlogerie), Switzerland-based luxury conglomerate Richemont has released its trading update for the quarter ended 31 December 2018. Richemont announced that sales in the quarter rose 25% at actual exchange rate and 24% at constant exchange rate – results that should, however, be nuanced across the business portfolio.
In a press release published about an hour ago, Richemont just announced its consolidated results for the six month period ended 30 September 2018. Sales increased by 21% at actual exchange rates to EUR 6,808 million and by 24% at constant exchange rates. This comes as no surprise as Richemont had announced last month satisfactory sales for the first 5 months (up 25% at constant exchange rate). However, the growth rate seems to be slowing down.
Things are again moving at the Richemont Group, but this time in the right direction. After a few years of hesitation, with massive shake-ups at the head of most brands of the group and the resignation of Kern, and negative results (especially for the 2015-2017 period), the luxury powerhouse seems to be back on track. Today, two important announcements have been made by Richemont. First, a new CEO has been appointed. Second, at their annual general meeting, the Group reports a massive increase in sales (to be nuanced, though).
It is no breaking news to say that the industry had to face difficult times in 2015 and 2016. Business had been tough due to decreasing sales. The Richemont Group – the luxury powerhouse that owns Cartier, IWC, Montblanc or JLC – had also been affected by this situation – as reported by MONOCHROME here. Part of Richemont’s plan to help cleaning the situation was a massive buyback strategy, thus reducing stocks at retailers. What was unknown was the total amount of watches bought back by the group… Well, according to The Guardian, we’re talking about approximately half a billion Euro/Dollar.
Echoing its rivals in the luxury goods industry – including LVMH, Kering or Swatch Group – Swiss luxury powerhouse Richemont just announced growth for the year ended 31 March 2018. Sales increased by 3% at actual rates and by 8% at constant rates to EUR 10,979 million. The group reports strong performance in their retail network. Operating profit grew 5% at EUR 1 844 and the proposed dividend will be CHF 1.90 (a 6% increase compared to previous period).
2017 has been quite hectic for the Richemont Group. Indeed, we’ve seen the “Big Reshuffle” with 4 CEOs leaving (JLC, Vacheron, Piaget, Dunhill) as well as the appointment of Lambert as Head of Operations and Kern as Head of Watchmaking, Marketing and Digital. Everything was planned until Kern announced its departure for Breitling, which led Lambert to be appointed COO of all the Maisons. The storm isn’t over yet, even if the situation seems easier today. According to Business Montres, there are new CEOs for both Jaeger-LeCoultre and Baume et Mercier.
2017 has been quite hectic for the Richemont Group. Indeed, we’ve seen the “Big Reshuffle” with 4 CEOs leaving (JLC, Vacheron, Piaget, Dunhill) as well as the appointment of Lambert as Head of Operations and Kern as Head of Watchmaking, Marketing and Digital. Everything was planned until Kern announced its departure for Breitling, which led Lambert to be appointed COO of all the Maisons. The storm isn’t over yet, even if the situation seems easier today. According to Business Montres, there are new CEOs for both Jaeger-LeCoultre and Baume et Mercier.
Just days ahead of the launch of the 2018 edition of the SIHH – the Geneva-based watch fair where all the watchmaking brands of the Richemont Group present their novelties – the Richemont Group posts its financial results for the last quarter of 2017. The positive trend continues with an overall 7% increase in sales for the Group.