Richemont up 44% YOY, PVC-free by 2023
20/05/2022
Fashion and accessories including leathergoods, which largely make up Richemont’s ‘Other’ business division, registered a 53% rise on the year previous. In his accompanying commentary, group founder and chairman, Johann Rupert, particularly singled out the positive contributions of the Alaïa, Chloé, Montblanc and Delvaux houses.
Less well-received by analysts was Richemont’s lack of an expected announcement regarding the divestment of its luxury e-tail arm Yoox Net-a-Porter (YNAP) Group, the operator of e-commerce brands Mr Porter and Net-a-Porter, among others. Richemont stock subsequently fell by 14% on May 20, Bloomberg reported.
In reference to the ongoing Russo-Ukrainian war and global covid context, particularly in China, Mr Rupert described the group’s €5.3 billion ($5.6 billion) net cash position at the close of March as “a source of strength as we face volatile times ahead”.
The appointment of Richemont’s first-ever chief sustainability officer in February was presented as cause for celebration, however, as were steps taken by the company to achieve its goal of polyvinyl chloride (PVC)-free products and packaging before the end of December 2022.
Mr Rupert expressed the view that this action would support stewardship of “a healthier planet for humans, fauna and flora” moving forward.
Image: Delvaux via Instagram.
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