Richemont’s 2018 Interim Report

Richemont, the Swiss luxury goods group, announces the publication of its interim report and accounts for the six months ended 30 September 2018. According to the report, the six-month period ended 30 September 2018, sales increased by 21% at actual rates to € 6.81 billion. Excluding YNAP and Watchfinder, collectively the Online Distributors, sales for the period grew by 6% at actual exchange rates and by 8% at constant exchange rates.

 

Here is to count Richemont’s Online move! On 26 October 2018, they announced a strategic partnership with Alibaba Group, the preferred online marketplace for Chinese consumers, aiming at becoming a significant and sustainable online destination in luxury shopping for the important Chinese clientele. YNAP and Alibaba will establish a joint venture to bring the in-season offerings of YNAP to Chinese consumers, be it in China or whilst travelling abroad.

 

Excluding Online Distributors, Richemont’s sales growth was primarily driven by strong performance of the Jewellery Maisons and double-digit increases in the Maisons’ directly operated boutiques and online stores. Robust retail sales in jewellery and watches more than offset a 2% decline in wholesale sales, which was mainly due to the Specialist Watchmakers’ ongoing prudent inventory management and upgrade of the wholesale distribution network.

 

Excluding Online Distributors, all regions with the exception of Middle East and Africa enjoyed higher sales, with notable double-digit increases in Hong Kong, Korea and the USA. In our Jewellery Maisons, watch sales grew strongly in Cartier’s stores, benefiting from the successful Panthère and re-launched Santos collections.

 

Jewellery pieces continued to outperform, notably with the iconic Cartier Love and Van Cleef & Arpels Alhambra collections. The muted sales growth of the Specialist Watchmakers reflected the previously mentioned initiatives. Here, retail was strong and overall there was good momentum at Vacheron Constantin, Roger Dubuis and Jaeger-LeCoultre.

 

“Most of our Maisons grouped under ‘Other’ saw higher sales, led primarily by Montblanc and Peter Millar.

The Group’s directly operated boutiques saw double-digit growth, both in jewellery and watches” Says Richemont.

 

The interim report reflects the information contained in the Richemont results announcement issued as well as the unaudited condensed interim consolidated financial statements posted on the Group’s website the same day.

In accordance with stock exchange regulations in Switzerland and South Africa, Richemont no longer prints its interim report.

 

 

  • Richemont’s 2018 Interim Report