Big increase in Richemont H1 revenues
12/11/2018
Richemont’s operating profit of €1.1 billion is down by 3% year on year. It attributed this, partly, to charges relating to its acquisition of two e-commerce platforms and its sale of leathergoods brand Lancel. It acquired Yoox Net A Porter and Watchfinder.
Group chairman, Johann Rupert, said the decision to sell Lancel was part of “the continual assessment of our portfolio”. He insisted that Yoox Net-A-Porter will continue to offer good service to consumers and to all the brands it works with, saying it will remain “neutral, open and compelling”.
At the end of October, Richemont said it would launch a joint-venture between Yoox Net-A-Porter and Asian e-commerce platform Alibaba, seeking to make available to Chinese consumers “the in-season offerings” that luxury brands make available already on Yoox Net-A-Porter to consumers elsewhere.
“This new chapter in the history of Richemont reflects the potential we see in China,” Mr Rupert said. But he added that the group still has the ambition “to ensure that we continue to create, manufacture and sell exquisite products with a high level of beauty, craftsmanship, patrimony and passion”.
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