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Swiss luxury giant Richemont<\/strong> reported record annual sales Friday, up 19%<\/strong> to more than 19.9 billion euros<\/strong>, “thanks to the return of American and Middle Eastern tourists to Europe”<\/em>, it said in a statement.<\/p>\n <\/p>\n For its 2022\/2023 offbeat fiscal year (ended March 31), its annual net profit, on the other hand, fell 86% to 301 million euros<\/strong>. However, the group says that the profit climbed by 60%<\/strong> for the activities retained in the portfolio, to 3.9 billion euros<\/strong>. This figure exceeds forecasts, but the transaction with Farfetch<\/strong> has had a much greater impact than expected. Indeed, analysts were expecting an average profit of 640 million euros<\/strong> on sales of 19.5 billion euros.<\/strong><\/p>\n <\/p>\n Its growth was driven by Europe, where sales rose by 31%<\/strong> thanks to the return of tourists and strong local demand. But the group also recorded a sharp rebound in sales in Asia between January and the end of March. Sales rebounded particularly in China, Hong Kong and Macau.<\/strong><\/p>\n <\/p>\n “We are seeing individual travelers but no signs of Chinese tourist groups yet”<\/a><\/em>, explained group president Johann Rupert<\/strong>. However, he expects “a significant pickup in Chinese travelers”<\/em> and believes the group is “well positioned”<\/em> to deal with “economic volatility and political uncertainty”<\/em> that are expected to “continue to impact the business environment.”<\/em><\/p>\n <\/p>\n <\/p>\n Richemont’s board of directors is set to undergo a series of changes<\/a> over the next few years. Board members Guillaume Pictet and<\/strong> Jean-Blaise Eckert<\/strong> will end their terms of office on March 31, 2024<\/strong>, while Clay Bendish and Maria Ramos<\/strong> will do the same on March 31, 2025<\/strong>.<\/p>\n <\/p>\n At the annual general meeting on September 6, shareholders will be asked to elect Fiona Druckenmiller<\/strong>, founder of FD Gallery<\/strong>, a New York-based company specializing in pre-owned luxury goods, and former portfolio manager at Dreyfus Corporation.<\/strong><\/p>\n <\/p>\n <\/p>\n Richemont also announced that it will launch a new share buyback program<\/strong>. Subject to the approval of the Commission des offres publiques d’achat (Copa)<\/strong>, the initiative will allow the Swiss group to acquire up to 10 million A shares<\/strong> at market price, representing 1.7%<\/strong> of the group’s capital and 1%<\/strong> of its voting rights. According to the luxury group, the acquired shares will not be cancelled and will be held in cash to cover awards under the group’s long-term incentive plans for executives and employees.<\/p>\n <\/p>\n Currently, Richemont holds 4 million of its own A shares<\/strong>, representing 0.7%<\/strong> of the company’s capital and 0.4%<\/strong> of its voting rights.<\/p>\n <\/p>\n <\/p>\n Read also >Richemont: more than solid results<\/a><\/p>\n <\/p>\n Featured photo : \u00a9 Richemont[\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n Swiss luxury giant Richemont<\/strong> reported record annual sales Friday, up 19%<\/strong> to more than 19.9 billion euros<\/strong>, “thanks to the return of American and Middle Eastern tourists to Europe”<\/em>, it said in a statement.<\/p>\n <\/p>\n For its 2022\/2023 offbeat fiscal year (ended March 31), its annual net profit, on the other hand, fell 86% to 301 million euros<\/strong>. However, the group says that the profit climbed by 60%<\/strong> for the activities retained in the portfolio, to 3.9 billion euros<\/strong>. This figure exceeds forecasts, but the transaction with Farfetch<\/strong> has had a much greater impact than expected. Indeed, analysts were expecting an average profit of 640 million euros<\/strong> on sales of 19.5 billion euros.<\/strong><\/p>\n <\/p>\n Its growth was driven by Europe, where sales rose by 31%<\/strong> thanks to the return of tourists and strong local demand. But the group also recorded a sharp rebound in sales in Asia between January and the end of March. Sales rebounded particularly in China, Hong Kong and Macau.<\/strong><\/p>\n <\/p>\n “We are seeing individual travelers but no signs of Chinese tourist groups yet”<\/a><\/em>, explained group president Johann Rupert<\/strong>. However, he expects “a significant pickup in Chinese travelers”<\/em> and believes the group is “well positioned”<\/em> to deal with “economic volatility and political uncertainty”<\/em> that are expected to “continue to impact the business environment.”<\/em><\/p>\n <\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\n Already have an account ? Please log in<\/b><\/a>.<\/strong><\/p>\n [\/vc_cta][vc_column_text]Featured photo : \u00a9 Richemont [\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”subscriber,customer”][vc_column][vc_column_text]<\/p>\n <\/p>\n Swiss luxury giant Richemont<\/strong> reported record annual sales Friday, up 19%<\/strong> to more than 19.9 billion euros<\/strong>, “thanks to the return of American and Middle Eastern tourists to Europe”<\/em>, it said in a statement.<\/p>\n <\/p>\n For its 2022\/2023 offbeat fiscal year (ended March 31), its annual net profit, on the other hand, fell 86% to 301 million euros<\/strong>. However, the group says that the profit climbed by 60%<\/strong> for the activities retained in the portfolio, to 3.9 billion euros<\/strong>. This figure exceeds forecasts, but the transaction with Farfetch<\/strong> has had a much greater impact than expected. Indeed, analysts were expecting an average profit of 640 million euros<\/strong> on sales of 19.5 billion euros.<\/strong><\/p>\n <\/p>\n Its growth was driven by Europe, where sales rose by 31%<\/strong> thanks to the return of tourists and strong local demand. But the group also recorded a sharp rebound in sales in Asia between January and the end of March. Sales rebounded particularly in China, Hong Kong and Macau.<\/strong><\/p>\n <\/p>\nBoard appointments<\/h2>\n
Share buyback<\/h2>\n
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Richemont unveiled this Friday a record annual turnover. After the sharp rebound of its sales in Asia over the past three months, the Swiss luxury group is counting on a gradual return of Chinese tourists to Europe.<\/h4>\n
Board appointments<\/h2>\n
Richemont unveiled this Friday a record annual turnover. After the sharp rebound of its sales in Asia over the past three months, the Swiss luxury group is counting on a gradual return of Chinese tourists to Europe.<\/h4>\n