The threat of a possible corona epidemic in China has caused a shockwave in European luxury goods stocks. With the Chinese New Year approaching, the coronavirus could heavily impact these brands’ turnover.
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Swiss luxury group Richemont has achieved another strong quarterly growth, but there are worrying signs from Japan and Hong Kong.
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French luxury group Richemont has seen its turnover increase by 12 % in the first quarter of the current financial year, as its online activities grew spectacularly.
Swiss luxury group Richemont is going to offer its products on the booming Chinese market through a joint venture with Alibaba. Subsidiary Yoox Net-a-porter gains access to a billion consumers this way, while Alibaba basks in the luxurious glow of the Swiss.
Swiss luxury goods producer Richemont has appointed Jérôme Lambert as its CEO, not even two years after the position was abolished to give each brand its own boss.
The Italian Bureau of Competition has approved Swiss Richemont’s acquisition of Italian fashion webshop Yoox Net-a-Porter. The full bid, yet to be accepted, values the company at 2.7 billion euro.
Online luxury retailer Yoox Net-A-Porter has shown increased sales in the Middle East across 2017, but its profit did suffer. Nevertheless, the fashion retailer believes it will reach its five-year target.
Swiss luxury group Richemont proposed to obtain a majority stake in online retailer Yoox Net-a-Porter. The move is a way to implement its online strategy faster.
French luxury group Richemont achieved a 7 % third quarter revenue increase. Unfortunately, exchange rate fluctuations eliminated nearly everything.
Luxury firm Richemont says it had an exceptional first six months. Turnover grew 10 % but profit even shot up 80 % compared to the year before.
Luxury firm Richemont, which owns watch brand Cartier for instance, has forecast an 80 % profit increase for the first half of its fiscal year. Turnover will also grow more than 10 %.
In its third quarter, Swiss luxury group Richemont generated a 3.09 billion euro turnover, up 6 % compared to the year before. This performance surpassed analysts' expectations.
Luxury company Richemont's CEO and CFO have decided to step down soon. The company announced these decesions at the publication of its six-months results, where it had to reveal a profit drop.
Swiss luxury group Richemont has issued another profit alert, because the luxury watch industry has stagnated once more in the first half of its new fiscal year. Its turnover has already taken a huge hit.