Richemont lose 1.747 billion euros owing to the pandemic. In the first financial quarter of 2020 (from April to June), the overall revenues of the group decreased that much compared to the same period of 2019. In other words, they dropped by 47% both at current and fixed rates of exchange. The department going worst turned out to be the Fashion & Accessories one, whose earnings decreased by 59%. In China, sales increased by 47%, mostly driven by e-commerce.
1.747 billion euros less
Sales, achieved by the Swiss luxury giant, have nearly decreased by 50% over the first three months of 2020-2021 business year. As they lost 1.747 billion euros, the Swiss group made 1.993 billion euros, that is, -47%. Financial analysts, quoted by zonebourse.com, had predicted a more limited downturn, ranging from 33 to 40%.
World areas and web
Looking at geographical areas, at fixed rates of exchange, in Japan sales slumped by 64%. In America and Europe, instead, they went down by 61% and 59% respectively. In Asia, they “just” dropped by 29% thanks to a good performance in China: here sales have been rising by 47%, and online commerce enjoyed a boost in triple figures in Beijing. Yet, overall, digital sales decreased by 22%. While announcing their results, the group have not made public any forecast about the following quarters.
- Richemont choses Philippe Fortunato
- Richemont emits bonds for 2-billion: this isn’t a pause, it’s a reset
- Luxury is saving alligators in Louisiana, says Richemont