Richemont is also facing the headwinds currently blowing through many luxury goods players. In the first half of 2023-24, the watch and jewelry giant again reported higher earnings and sales, albeit less strongly than expected.
After a net loss of 766 million euros the previous year, the Richemont Group returned to profit in the first six months of its 2023-24 fiscal year, which closed at the end of September. Valued at 1.51 billion euros, these profits are still well below the 2.17 billion euros expected.
The parent company of Cartier, Van Cleef & Arpels, Piaget, Chloé and IWC reported sales up 6% to 10.22 billion euros from 9.68 billion euros the previous year. Once again, this result fell short of analysts’ expectations, who were counting on sales of 10.34 billion euros.
The second quarter saw a slowdown in sales, due to “inflationary pressure, [the] slowdown in economic growth and geopolitical tensions [which] began to affect customer morale, a trend accentuated by strong comparatives”, said Johann Rupert, Chairman of the Board.
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Featured Photo: © Richemont
