Richemont predicts tough year after sales dip - leatherbiz: Leading ne Leatherbiz

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Richemont predicts tough year after sales dip

20/05/2016
Luxury group Richemont, who owns brands including jewellery manufacturer Cartier and luxury goods retailer Alfred Dunhill, said it expects to face a challenging year after sales dropped 18% in the first quarter of 2016.

“In the near term, we are doubtful that any meaningful improvement in the trading environment is to be expected. Challenging comparatives will persist through September,” said Richemont chairman Johann Rupert.

The Swiss company also announced its full results for the 2015-2016 fiscal year. Sales were up 6% to €11.08 billion, but this represented a 1% drop at constant exchange rates. Weaker trading in Asia Pacific was pinpointed as the cause for this dip despite growth in Europe, the Middle East, the Americas and Japan. Operating profit decreased 23% to €2.06 billion but net profit grew 67% to €2.23 billion.

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Kering ups its focus on leathergoods while Richemont veers away 23/10/2013
Richemont fashion chief leaves as leathergoods falter 22/05/2013
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