Richemont lifts dividend as online platforms boost sales
Luxury goods group aims to accelerate its e-retail presence in China in a bid to drive growth in that country
The Rupert family-controlled Richemont, which owns the Cartier and Van Cleef & Arpels brands, aims to accelerate its online presence in China in a bid to drive growth in that country. The Swiss-based luxury goods group plans to move into online retail in China, following its investment in luxury and fashion retailer e-commerce sites Yoox Net-a-Porter (YNAP) and pre-owned watch platform Watchfinder. These acquisitions were the main reasons overall sales rose 27% to €14bn for the year to end-March.
Its takeover of YNAP in March 2018 led to it creating its online operations, which now account for 16% of total group sales. In October 2018, the group announced plans to establish a joint venture with Chinese e-commerce giant Alibaba to extend the in-season offerings of YNAP to Chinese consumers. Richemont chair Johann Rupert said discussions with Alibaba are progressing. Richemont CFO Burkhart Grund said the partnership with Alibaba and other companies in China is a priority, a...