Asian markets drive Richemont sales
Asia Pacific performance was supported by double-digit increases in most markets — including China and Hong Kong, says Johann Rupert
Luxury-goods conglomerate Richemont, which has seen a 20% rise in its share price on the JSE over the past six months, enjoyed brisk sales growth in its key Pacific-Asia markets for the first five months of the year to end-March 2018. A trading statement released ahead of the annual meeting in Geneva on Wednesday showed Richemont’s total sales up 12% at constant exchange rates and 10% at actual exchange rates. Richemont shares, which touched a 12-month low of R80 on the JSE about a year ago, were slightly weaker at the close of trading at R120. In a note to clients, FNB Securities said the update was better than expected, with growth significantly ahead of full-year expectations of about 4.6%. Richemont owns a sprawling luxury brands portfolio that includes Cartier, Van Cleef & Arpels, A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin. The company also has a 49% stake in the Yoox Net-A-Porter Group, ...
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