Good performance for Richemont in the quarter. To some extent though, as sales don’t go up as expected

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Richemont keeps growing, though not so fast as forecast by analysts. The luxury Swiss group, focused on watchmaking, jewelry and fashion accessories, ended their third business quarter by increasing their turnover (+7 per cent), thus reaching 3,1 billion euros in terms of value. As reported by Bloomberg, AWP analysts were expecting the group to grow by 5,9 per cent: in contrast to such forecast, the company’s revenues just increased, on fixed rates of exchange, by 1 per cent. Retail sales (+13 per cent, that is, 2 billion euros) have been driving the business, whereas wholesales decreased by 3 per cent. According to the Swiss, the positive trend was driven by watches and jewelry, as the segment performance was lined up with financial forecast. Likewise, the leather goods manufacturing department (which also comprises Montblanc, Lancel and Chloé brands) did not speed up as expected: in fact, their revenues, 509 million euros (+0 per cent), were quite far from the estimated turnover (533 million euros). A few weeks ago, Richemont expanded their brand portfolio: in fact, the Swiss group totally bought out Serapian, the historic Milanese leather company.

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