Richemont unveils a solid 2023-24 financial year

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

Picture of Sophie Michentef
Sophie Michentef
Sophie Michentef has worked for more than 30 years in the professional press. For fifteen years, she managed the French and international editorial staff of the Journal du Textile. She now puts her press, textile, fashion, and luxury expertise at the service of newspapers, professional organizations, and companies.

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