During the first six months of its offbeat financial year, which ended in September, Swiss group Richemont (Cartier, Van Cleef & Arpels, Alaia) disappointed analysts, with a 1% decline in reported sales and a drastic fall in profits.
Watchmaking and China were Richemont’s two Achilles’ heels in the first half of its 2024-2025 financial year, which ended on September 30.
While the Swiss group, unlike Hermès (with double-digit sales growth in the third quarter!), did not escape the slowdown in the global luxury goods market, it held up better than Kering (-15% as reported) and, to a lesser extent, Lvmh (-4.4%).
Sales down slightly, profits in freefall
For its first half-year to the end of September, the group specializing in watches, jewelry and, to a lesser extent, luxury fashion (brands Cartier, IWC, Jaeger-LeCoultre, Piaget, Chloé, Alaïa, etc.), reported sales down 1% on a reported basis, and stable at constant exchange rates, at 10.1 billion euros.
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Featured Photo: © Cartier
