Richemont Books Big 1Q Sales Rise; Shakes Up Management Structure

   By Joshua Kirby 
 

Compagnie Financiere Richemont SA said Friday that sales jumped in the first quarter of the fiscal year, driven by jewelry and watch sales and a strong performance in the Americas, and that it is implementing a change to the group management structure.

Sales at the Swiss luxury-goods group rose 129% on year at constant exchange rates to 4.4 billion euros ($5.20 billion) in the period to end-June. The figure is 18% higher than in the same period of 2019, a sequential acceleration from the 10% rise over two years seen in the last quarter of fiscal 2021.

Analysts had forecast quarterly sales of EUR4.11 billion, according to a FactSet-compiled consensus of seven estimates.

Revenue at the core jewelry-maisons segment rose 142% at constant currency versus the same period last year to EUR2.52 billion, and by 143% at the specialist-watchmakers division to EUR849 million.

By region, the Americas saw the largest sales jump, of 276% at constant currency. All other regions saw triple-digit sales rises, except Asia, which rose 95%.

Richemont added that as part of a management shake-up, the respective chief executives of jewelry brands Cartier and Van Cleef & Arpels will step down from the group executive committee and won't seek reelection to the board of directors. Several other executives will also step down from the committee.

The changes will be effective from the annual meeting on Sept. 8, Richemont said.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

July 16, 2021 02:07 ET (06:07 GMT)

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