- Richemont’s FY25 interim results show resilience with stable sales and operating profit despite challenge
- Acquisitions like Vhernier and Mytheresa, leadership changes, and details on financial performance.
- Chairman Johann Rupert highlights solid sales growth, discusses market challenges, and emphasizes the company’s long-term vision and strategy.
Fri Nov 08 07:00:49 -0000 2024 UTC– Richemont reported stable sales of €10.1 billion and a 21.9% operating margin for the six months ending 30 September 2024, despite macroeconomic challenges.
Key developments include acquiring Vhernier and an agreement for Mytheresa to acquire YNAP.
The Americas and Japan saw strong sales growth, while Asia Pacific, particularly China, faced declines. Jewellery Maisons showed resilience with a 2% sales increase, whereas Specialist Watchmakers saw a 17% decline.
The Group maintains a solid €6.1 billion net cash position. Leadership changes include Nicolas Bos as CEO and new appointments at Cartier and Van Cleef & Arpels.