Richemont Sees Record Jewelry Results

Swiss luxury goods group Richemont declared it has seen
record sales and profits from its jewelry holdings in its financial results for
the fiscal year ending March 31.

The company, which owns a number jewelry names, including
Cartier and Van Cleef and Arpels, noted that profitability at Montblanc
“improved” while its Net-a-Porter site is “performing ahead of its business
plan.”

The only jewelry component not to perform well was Baume
& Mercier, which is being “restructured.” The statement added “the
reorganization of Baume & Mercier’s product offer during the second half of
the financial year negatively impacted both sales and operating results.“

The company said it was focusing on “organic growth,” in
contrast to competitors like LVMH, which
acquired Bulgari in March.

Other highlights of Richemont’s financial statement:

  • Sales: Up 33 percent, to € 6.892 million (about $9.6
    million)
  • Operating profit: Up 63 percent, to € 1.355 million (about
    $1.92 million)
  • Gross profit: Up 38 percent, € 4.394 million (about $6.1 million)

For more information on Richemont’s financial statement,
click here.

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