Richemont backtracks on leather division sale
15/05/2014
"We have hired the right teams and give them full support in investing in product development, supply chain, communication and distribution. We're fully integrating these brands into the Richemont supply chain," said Richemont co-chief executive, Bernard Fornas.
It was reported in May last year that the group was looking to offload some of its fashion brands after sales declines which were contrary to their peers.
Group revenues rose 5% to EURO 10.6 billion in 2013, driven by increasing sales in its watchmakers and jewellery brands such as Cartier and Van Cleefs & Arpels.
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