Richemont would have posted 16% growth in revenue in the first half, accompanied by a sharp rise in profitability, according to the Journal du Luxe. The Geneva-based group would have achieved revenue of 12.3 billion euros over the first six months of the fiscal year, up 16% at actual exchange rates.
Operating profit would have exceeded 3.1 billion euros, up 33%, while net profit would have risen 39%. Retail sales would have increased 19% and online sales 17%.
Jewellery, growth driver
Sales at the group's jewellery houses (Buccellati, Cartier, Van Cleef & Arpels and Vhernier) would have risen 18%, generating operating profit of 3.2 billion euros. In watchmaking, revenue would have stood at 1.7 billion euros, up 9% despite still subdued demand in Chine. The « Autres » activity, which notably includes fashion and accessories brands such as Alaïa and Montblanc, completes the group's portfolio.
All regions growing, except one
Geographically, all regions would have recorded double-digit growth, with the exception of the Moyen-Orient and Africa, where sales would have fallen 2%. This underperformance would be explained in particular by the regional conflict ongoing since March, which weighs on tourist spending.
In Asie-Pacifique, revenue would have risen 17%, supported by the jewellery houses and the « Autres » activity, with good sales momentum in Chine, Hong Kong and Macao. Sales in Corée du Sud, Taïwan and Japon would have risen 18%. In Europe, they would have increased 12%, while the Amériques would have shown a 23% rise.
Johann Rupert's caution
« La croissance des ventes et une gestion opérationnelle rigoureuse ont permis au groupe d'accroître sa rentabilité malgré la pression persistante exercée par la hausse des coûts des matières premières », said Johann Rupert, chairman of Richemont, quoted by the Journal du Luxe. He added: « [...] nous anticipons une volatilité persistante du contexte macroéconomique et géopolitique dans un avenir proche. Ces conditions soulignent l'importance de maintenir une rigueur opérationnelle tout en continuant d'investir dans les personnes, la créativité et le savoir-faire, qui constituent les piliers du succès à long terme de nos maisons ».
