Long-term game pays off for Richemont
Luxury group Richemont has reported revenues of €9.7 billion for the first six months of its current business year, the period ending September 30. This represents an increase of 24% at current exchange rate levels; had exchange rates remained constant, the increase would have been 16%.
Its fashion and accessory brands achieved growth of 27% year on year. It said Delvaux, which lays claim to being the oldest leathergoods brand in the world, generated the sharpest growth rate in sales.
Commenting on the results, Richemont chairman, Johann Rupert, said: “It is highly uncertain how the political, economic and social landscapes will evolve in Europe and in our other key markets. We only know that we will likely face volatile times ahead as central banks seek to rein in inflation while governments try to manage severe cost-of-living pressures.
“At Richemont, we will continue to be guided by our values, seeking to build value for the long term in a sustainable and responsible manner, not seeking short-term, expedient solutions.”
