Richemont expects half-year profits to increase 80%

Published:  19 October, 2017

The Switzerland headquartered global luxury goods holding Group reports that trading for the six months ended September 30, showed sales rising 10% on a reported basis and 12% on a constant currency basis compared with the prior year. 

Richemont, the world’s second biggest luxury Group after LVMH, is recovering from a downfall in the premium watch market and says its operating profit for the six months ended September 30, is likely to show an increase of approximately 45% against the comparative period in 2016, with corresponding profit for the period expected to increase by approximately 80%. “These increases predominantly reflect the non-recurrence of the exceptional inventory buy-backs in the prior year period, improved trading performance and the positive net impact of movements in period-end exchange rates”, says Richemont in a statement.

The financial information provided is unaudited. The Group’s results for the half-year are to be announced on November 10. Richemont’s exclusive brands include Cartier, Vacheron Constantin and Piaget.