Behind Richemont’s market mauling
Not known as ‘Rupert the Bear’ for nothing, the Richemont chair’s cautious outlook sent the company’s stock into a tailspin. But a panicky sell-off could be the ultimate buying opportunity
Nuance beats numbers in these jittery markets. Just ask the shell-shocked shareholders in Swiss luxury group Richemont.
The group’s year-to-end-March numbers were glittering and its balance sheet could withstand a hit from a tank. But off-the-cuff comments by chair Johann Rupert about a possible delay in the recovery in locked-down China really spooked sentiment. ..