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Richemont Jewelry Sales Resilient in Decline
Nov 6, 2016 5:14 AM
By Rapaport News
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RAPAPORT... Richemont’s jewelry sales fell in the first fiscal half even
as “resilient” demand meant the category declined at a slower pace than other divisions at the luxury group.
Jewelry sales slipped 2 percent to $2.19 billion (EUR 1.96
billion) in the six months that ended September 30. Revenue was flat at
constant exchange rates, the Geneva-based company reported. Timepiece sales dived 25 percent to $2.34 billion, driven by lower demand for fine watches.
Sales at Richemont’s jewelry maisons, comprising Cartier,
Van Cleef & Arpels and Giampiero Bodino, dropped 13 percent mainly because
of the slump in watch revenue. The maisons stock both jewelry and watches. At the group's specialist watchmakers, sales fell 17
percent.
Group sales slumped 13 percent to $5.67 billion because of weaker demand. Profit
plummeted 51 percent to $601.6 million.
Separately, Richemont said chief executive officer Richard Lepeu
and chief financial officer Gary Saage will retire next year. Eight board members
will step down in total. New appointments include Georges Kern, currently CEO
of IWC Schaffhausen, as head of watchmaking, and Jérôme Lambert, currently CEO
of Montblanc, as head of operations.
Image: John Wisniewski
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Tags:
appointments, Cartier, Gary Saage, Giampiero Bodino, Jewelry, Rapaport News, Richard Lepeu, Richemont, Switzerland, Van Cleef & Arpels, watches
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