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Richemont unveiled this Friday a record annual turnover. After the sharp rebound of its sales in Asia over the past three months, the Swiss luxury group is counting on a gradual return of Chinese tourists to Europe.
Swiss luxury giant Richemont reported record annual sales Friday, up 19% to more than 19.9 billion euros, “thanks to the return of American and Middle Eastern tourists to Europe”, it said in a statement.
For its 2022/2023 offbeat fiscal year (ended March 31), its annual net profit, on the other hand, fell 86% to 301 million euros. However, the group says that the profit climbed by 60% for the activities retained in the portfolio, to 3.9 billion euros. This figure exceeds forecasts, but the transaction with Farfetch has had a much greater impact than expected. Indeed, analysts were expecting an average profit of 640 million euros on sales of 19.5 billion euros.
Its growth was driven by Europe, where sales rose by 31% thanks to the return of tourists and strong local demand. But the group also recorded a sharp rebound in sales in Asia between January and the end of March. Sales rebounded particularly in China, Hong Kong and Macau.
“We are seeing individual travelers but no signs of Chinese tourist groups yet”, explained group president Johann Rupert. However, he expects “a significant pickup in Chinese travelers” and believes the group is “well positioned” to deal with “economic volatility and political uncertainty” that are expected to “continue to impact the business environment.”
Board appointments
Richemont’s board of directors is set to undergo a series of changes over the next few years. Board members Guillaume Pictet and Jean-Blaise Eckert will end their terms of office on March 31, 2024, while Clay Bendish and Maria Ramos will do the same on March 31, 2025.
At the annual general meeting on September 6, shareholders will be asked to elect Fiona Druckenmiller, founder of FD Gallery, a New York-based company specializing in pre-owned luxury goods, and former portfolio manager at Dreyfus Corporation.
Share buyback
Richemont also announced that it will launch a new share buyback program. Subject to the approval of the Commission des offres publiques d’achat (Copa), the initiative will allow the Swiss group to acquire up to 10 million A shares at market price, representing 1.7% of the group’s capital and 1% of its voting rights. According to the luxury group, the acquired shares will not be cancelled and will be held in cash to cover awards under the group’s long-term incentive plans for executives and employees.
Currently, Richemont holds 4 million of its own A shares, representing 0.7% of the company’s capital and 0.4% of its voting rights.
Read also >Richemont: more than solid results
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Richemont unveiled this Friday a record annual turnover. After the sharp rebound of its sales in Asia over the past three months, the Swiss luxury group is counting on a gradual return of Chinese tourists to Europe.
Swiss luxury giant Richemont reported record annual sales Friday, up 19% to more than 19.9 billion euros, “thanks to the return of American and Middle Eastern tourists to Europe”, it said in a statement.
For its 2022/2023 offbeat fiscal year (ended March 31), its annual net profit, on the other hand, fell 86% to 301 million euros. However, the group says that the profit climbed by 60% for the activities retained in the portfolio, to 3.9 billion euros. This figure exceeds forecasts, but the transaction with Farfetch has had a much greater impact than expected. Indeed, analysts were expecting an average profit of 640 million euros on sales of 19.5 billion euros.
Its growth was driven by Europe, where sales rose by 31% thanks to the return of tourists and strong local demand. But the group also recorded a sharp rebound in sales in Asia between January and the end of March. Sales rebounded particularly in China, Hong Kong and Macau.
“We are seeing individual travelers but no signs of Chinese tourist groups yet”, explained group president Johann Rupert. However, he expects “a significant pickup in Chinese travelers” and believes the group is “well positioned” to deal with “economic volatility and political uncertainty” that are expected to “continue to impact the business environment.”
Board appointments
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Richemont unveiled this Friday a record annual turnover. After the sharp rebound of its sales in Asia over the past three months, the Swiss luxury group is counting on a gradual return of Chinese tourists to Europe.
Swiss luxury giant Richemont reported record annual sales Friday, up 19% to more than 19.9 billion euros, “thanks to the return of American and Middle Eastern tourists to Europe”, it said in a statement.
For its 2022/2023 offbeat fiscal year (ended March 31), its annual net profit, on the other hand, fell 86% to 301 million euros. However, the group says that the profit climbed by 60% for the activities retained in the portfolio, to 3.9 billion euros. This figure exceeds forecasts, but the transaction with Farfetch has had a much greater impact than expected. Indeed, analysts were expecting an average profit of 640 million euros on sales of 19.5 billion euros.
Its growth was driven by Europe, where sales rose by 31% thanks to the return of tourists and strong local demand. But the group also recorded a sharp rebound in sales in Asia between January and the end of March. Sales rebounded particularly in China, Hong Kong and Macau.
“We are seeing individual travelers but no signs of Chinese tourist groups yet”, explained group president Johann Rupert. However, he expects “a significant pickup in Chinese travelers” and believes the group is “well positioned” to deal with “economic volatility and political uncertainty” that are expected to “continue to impact the business environment.”
Board appointments
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