LONDON — Just keep swimming.
With its top and bottom lines under pressure from myriad internal and external forces, Cartier’s parent Compagnie Financière Richemont intends to move forward steadily — and swiftly — in fiscal 2019-20 and beyond.
Undaunted by LVMH Moët Hennessy Louis Vuitton’s pursuit of Tiffany & Co., by unrest and declining sales in Hong Kong and by the cost of transforming Yoox Net-a-porter into a state-of-the-art e-commerce machine, Richemont is propelling itself through choppy waters at home, and abroad.
“Global events are beyond our control and while we have remained responsive to market challenges, we have also continued to invest in our maisons, reinforcing our long-term approach to developing Richemont’s businesses,” said Johann Rupert, the group’s chairman and shareholder of reference as the company reported modest sales growth and flat profits in the first six months to Sept. 30.
Rupert added that as Richemont makes strides in the digital space and on the ethical, sustainable and profit-making fronts, “we must remain vigilant amid global uncertainties. The strength of our balance sheet, our financial discipline, and the agility, creativity and skills of our teams, position us well for the long term.”
The ongoing unrest in Hong Kong dented growth in the first half, with
With its top and bottom lines under pressure from myriad internal and external forces, Cartier’s parent Compagnie Financière Richemont intends to move forward steadily — and swiftly — in fiscal 2019-20 and beyond.
Undaunted by LVMH Moët Hennessy Louis Vuitton’s pursuit of Tiffany & Co., by unrest and declining sales in Hong Kong and by the cost of transforming Yoox Net-a-porter into a state-of-the-art e-commerce machine, Richemont is propelling itself through choppy waters at home, and abroad.
“Global events are beyond our control and while we have remained responsive to market challenges, we have also continued to invest in our maisons, reinforcing our long-term approach to developing Richemont’s businesses,” said Johann Rupert, the group’s chairman and shareholder of reference as the company reported modest sales growth and flat profits in the first six months to Sept. 30.
Rupert added that as Richemont makes strides in the digital space and on the ethical, sustainable and profit-making fronts, “we must remain vigilant amid global uncertainties. The strength of our balance sheet, our financial discipline, and the agility, creativity and skills of our teams, position us well for the long term.”
The ongoing unrest in Hong Kong dented growth in the first half, with