RAPAPORT... Johan Rupert will step down as the chief executive of Richemont on March 31, 2013, the Swiss luxury group announced after reporting a strong first half of the fiscal year. Rupert will be replaced by Bernard Fornas and Richard Lepeu as joint executives. Fornas, the current chief of Cartier, will oversee Richemont’s operating companies while Lepeu will be in charge of the company’s central functions. Stanislas de Quercize will succeed Fornas at Cartier.
In other news, Richemont reported that sales rose 21 percent year on year to $6.49 billion (EUR 5.1 billion) in the six months that ended on September 30, 2012. On a constant-exchange-rate basis, sales increased 12 percent. Profit rose 52 percent to $1.37 billion (EUR 1.08 billion).
Sales at Richemont’s jewelry division, which includes Cartier and Van Cleef & Arpels, rose 20 percent to $3.31 billion (EUR 2.61 billion) with its operating results were up 31 percent to $1.22 billion (EUR 958 million). Sales at its specialist watchmakers division increased 25 percent to $1.85 billion (EUR 1.46 billion).
The company noted that its jewelry boutique networks had strong growth and benefited from expansion, while demand for high jewelry pieces and more accessible jewelry ranges was strong.
Rupert explained that the luxury group has seen good growth in Europe, supported by Asian tourism which is compensating fort slower domestic Asia-Pacific sales. “Retail continued to lead wholesale, reflecting robust jewelry sales,” he added
Group retail sales rose 26 percent, or 15 percent at constant-exchange-rates, to $3.33 billion (EUR 2.62 billion), and wholesale sales grew 17 percent, or 8 percent at constant rates, to $3.16 billion (EUR 2.49 billion).
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