Richemont profits soar
Swiss luxury goods group Richemont - which owns brands such as Cartier and Dunhill - has announced very favourable results for the first half of the fiscal year, ended September 30, 2004. Operating profit for the first six months was reported at €208 million, while net profit was up 42% to €411 million.
The company reported sales of €1.739 billion for the period, a 14% increase compared with the €1.526 billion for the same period in 2003.
The company’s watch brands including Vacheron Constantin, IWC, Jaeger-LeCoultre, and A. Lange have been credited with much of the increased income, as sales of the company’s luxury watches soared. This upwards movement has been reflected across the watch market, with the Swiss Watchmakers’ Federation reporting an increase of 10% in exports in the first three quarters of 2004.
Dunhill also performed well, with the focus on leather and the expansion of the wholesale side of the business allowing for increased sales of the company’s luggage and accessories. This has led to a decrease in the company’s operating losses.
