JAMIE CARR: Richemont doing just fine at the top end
Its core businesses of jewellery and watches performed strongly, and the company looks set to continue to thrive
It is clear that we live in interesting times when you see somebody like Ray Dalio jumping onto a soapbox with his opinions about why inequality and lack of opportunity mean that capitalism is broken and needs a rigorous fix. This is the same Ray Dalio whose fortune is estimated by Bloomberg at $16.9bn, ranking him the 79th-richest person in the world, and whose investment firm, Bridgewater Associates, has done pretty tidily out of the system as it is. A brief examination of the quantity of advertising in the FT Weekend’s consumer bible How to Spend It confirms that things are fine and dandy in the more rarified end of the luxury market, and this is all excellent news for Richemont. At this end of the market, austerity means chartering a turboprop rather than a jet, and it certainly doesn’t seem to be stopping anybody from tucking into Richemont’s brands, with sales up 27% and profits, after a chunky gain on the revaluation on Yoox Net-A-Porter (YNAP) shares, up to a handy €2.8bn. I...
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