Swiss luxury group Richemont posted record sales and a six-fold increase in annual profit in its offbeat financial year to the end of March. But its 2024-25 financial year could suffer from a difficult environment for the…
Richemont’s new boss gets off to a good start.
The Swiss luxury group has just announced the appointment of Nicolas Bos to replace Jérôme Lambert as its new CEO, along with a strong 2023-24 financial year.
“Richemont achieved a solid underlying performance for the fiscal year ended March 31, 2024, while successfully coping with unfavorable currency movements, challenging comparisons and persistent macroeconomic and geopolitical uncertainties,” the group boasted in a statement.
The owner of Cartier, Piaget and Van Cleef and Arpels (among others), reported a new all-time sales record, thanks to an increase of 3% at real exchange rates (+ 8% at constant exchange rates) to 20.2 billion Swiss francs (20.6 billion euros), boosted by its Jewelry division and its own network.
Last quarter down
The only fly in the ointment: sales were down slightly (-1% at actual exchange rates), but up 2% at constant exchange rates, in the final quarter, ending March 2024.
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Read also>RICHEMONT BEATS FORECASTS WITH A 4% RISE IN THIRD-QUARTER SALES
Featured photo : © Cartier
