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Richemont 2019/2020 financial year group sales increased by 9% to €7.39 billion at actual exchange rates (6% at constant exchange rates).

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  • Richemont 2019/2020 financial year group sales increased by 9% to €7.39 billion at actual exchange rates (6% at constant exchange rates).

    Richemont has published the consolidated results for the first half of its 2019/2020 financial year, which ended on September 30th.


    Richemont has published the consolidated results for the first half of its 2019/2020 financial year, which ended on September 30th.

    Group sales increased by 9% to €7.39 billion at actual exchange rates (6% at constant exchange rates). Also at actual exchange rates, growth was achieved in all businesses, regions and distribution channels, driven by jewellery Maisons and online distributors. Double-digit sales growth was reached in China, Korea, Japan, the United States and the United Kingdom, superior to that in other markets, while the environment is relatively difficult in Hong Kong SAR. Upper range single-digit growth in sales in the group’s directly-owned stores, driven by jewellery companies, is reported, along with double-digit growth for online sales across all Maisons and activities. Operating income rose by €35 million to €1.17 billion, representing an operating margin of 15.7%.

    During the first six months of the year, Richemont continued to grow and its results demonstrated its resilience amid a climate of increased uncertainty. The group benefited from the success of its product launches and showed progress in adapting to an interconnected world where digital technology plays an increasing role. Geopolitical tensions around the world had a negative impact on consumers’ purchasing intentions. While the group remained responsive to the challenges posed by the market and the international environment that are beyond its control, it continued to invest in its Maisons, reflecting its long-term approach to the development of its activities.

    November 21, 2019
    Hermès: Third quarter results



    The group’s consolidated revenue amounted to €5,012 million at the end of September 2019, up +16% at current exchange rates and +13% at constant exchange rates.

    The strong sales growth in the group’s stores (+14% at constant exchange rates) confirms the trends seen over the first six months of the year.

    The robust growth in the third quarter (+18% at current exchanges rates and +15% at constant exchange rates) benefited from the sustained momentum in all the geographical areas.

    At the end of September 2019, all the geographical areas posted an increase in revenue:
    • Asia excluding Japan (+19%) gained from an outstanding performance in mainland China, and from strong growth in the area, despite the impact of events in Hong Kong. Sales increased in all countries in the area. In China, Hermès opened its 26th store in Xiamen in July, and continued to successfully develop the new commercial platform hermes.cn. The Siam Paragon store reopened in Bangkok.
    • Japan (+12%) confirmed its sound momentum and benefited from early purchases linked to higher VAT. The Iwataya store in Fukuoka and the Nihombashi store in Tokyo were extended and renovated.
    • America (+10%) posted strong growth, especially in the United States. A new store opened in Vancouver in Canada in September, and the Masaryk store in the centre of Mexico reopened in July.
    • Europe excluding France (+9%) and France (+6%) achieved sound performances, with in particular robust growth in the UK, in Italy and in the Parisian stores.

    All the business lines reported growth at the end of September:
    • Growth in Leather Goods and Saddlery (+12%) was sustained with the strength of the Hermès’ classics and their variations in new materials such as wicker for the Kelly Picnic, other recent models such as the Mosaïque and 24/24 bags and newcomers like the Twins bag. Production capacities continued to increase, with the announcement of a new leather workshop in the Ardennes region by 2022. With the opening of the Guyenne and Montereau workshops, scheduled for completion by 2020, and the Louviers workshop by 2021, the new site in Ardennes will be the 21st leather workshop of the group.
    • The Ready-to-Wear and Accessories division (+17%) pursued its strong momentum both for the women and men ready-to-wear and for accessories and shoes. The Women’s 2020 Spring-Summer fashion show, held at the Paris Tennis Club in September, received a warm welcome.
    • The Silk and Textiles business line (+8%) posted an increase, with collections that combine a diversity of materials with creative design. The 2019 Spring-Summer collection met a great success.
    • Perfumes (+3%) are increasing, despite comparison bases that incorporated the launches of Terre d’Hermès Eau intense vétiver in 2018 and Twilly d’Hermès in 2017. The Twilly Eau poivrée perfume variation was launched in August.
    • The Watches business line (+14%) achieved a good performance.
    • Other Hermès business lines (+22%), which encompass Jewellery, Art of Living and Hermès Table Arts, recorded strong growth, driven particularly by Jewellery.

    In the medium term, despite growing economic, geopolitical and monetary uncertainties around the world, the Group confirms an ambitious goal for revenue growth at constant exchange rates.

    November 21, 2019 Record sales for the Only Watch eighth edition



    The eighth edition of the Only Watch charity auction was held on November 9th at the Four Seasons Hôtel des Bergues in Geneva.

    More and more watch brands are keen to support the cause promoted by the association and 52 of them had donated a unique and exclusive timepiece year. Two of them had indeed joined forces to create a shared model. A total of 50 timepieces were auctioned. Prince Albert II of Monaco, who had supported the association since its inception, was present alongside Luc Pettavino, founder and president of Only Watch. Orchestrated for the second time by Christie’s, the auction raised the impressive sum of CHF38,593,000.

    Before going under the hammer, the watches were presented all over the world as part of a travelling exhibition with stopovers in Monaco, Dubai, Paris, London, New York, Tokyo, Singapore, Hong Kong and Taipei, before concluding in Geneva. A fascinating journey demonstrating the strong interest in this biennial watchmaking event that has become a must.

    Among the lots sold, the Patek Philippe Grandmaster Chime in steel was sold for CHF31 million (estimate: CHF 2.5 to 3 million). Launched in 2014 to mark the 175th anniversary of the Manufacture, the Grandmaster Chime is part of the brand’s current collection in a white gold version. It has 20 complications, including five acoustic functions. Its double-sided case adorned with a guilloché pattern features a patented reversing mechanism. The million-franc mark was also surpassed: F.P. Journe Astronomic Blue (CHF1.8 million; estimate CHF300,000 to 600,000 francs) and Code 11:59 Tourbillon Openworked by Audemars Piguet (1 million; estimate CHF190,000 to 240,000 francs).

    A few days before the auction, Luc Pettavino had won the Special Jury Prize of the Grand Prix d’Horlogerie de Genève for his unfailing commitment to supporting scientific and medical research on neuromuscular diseases in general, and Duchenne muscular dystrophy in particular.

    November 21, 2019


    "Flesh could not keep its glamour, nor eyes their sheen. They would go to nothing soon. But monsters are forever"



    “America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.
    If destruction be our lot, we must ourselves be its author and finisher.
    As a nation of freemen, we must live through all time, or die by suicide".
    Abraham Lincoln

  • #2
    well it's all interesting... my readings over the years say a STRONG TRADEMARK gives a business a WIDE MOAT...these are incontrovertibly among the most powerful of brands... so while the much awaited recession train has not yet pulled in the station...

    the above revenues seem to reflect that for the wealthiest of people around the world these are indeed the best of times

    and for the companies that supply the carriage trade let the music play on

    Comment


    • #3
      Originally posted by ScottyB View Post
      well it's all interesting... my readings over the years say a STRONG TRADEMARK gives a business a WIDE MOAT...these are incontrovertibly among the most powerful of brands... so while the much awaited recession train has not yet pulled in the station...

      the above revenues seem to reflect that for the wealthiest of people around the world these are indeed the best of times

      and for the companies that supply the carriage trade let the music play on
      You hit the nail on the head ScottyB. The USA swamp and corporate welfare is set up to reward the wealthiest with tax cuts that allow them to pay less of a percentage than the average Joe.


      https://www.cbsnews.com/news/america...-middle-class/
      "Flesh could not keep its glamour, nor eyes their sheen. They would go to nothing soon. But monsters are forever"



      “America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.
      If destruction be our lot, we must ourselves be its author and finisher.
      As a nation of freemen, we must live through all time, or die by suicide".
      Abraham Lincoln

      Comment


      • ScottyB
        ScottyB commented
        Editing a comment
        something's gotta give

      • ScottyB
        ScottyB commented
        Editing a comment
        working families in USA pay higher tax rate than the 400 richest families in AMERICA

      • roadwarrior
        roadwarrior commented
        Editing a comment
        And to add insult to injury they want to screw people out of the social security dollars they paid into all of their working lives.

        https://www.marketwatch.com/story/th...hem-2019-08-27

    • #4
      I'm in agreement with you both! Thanks for posting this, Mike.

      Comment


      • #5
        french luxury retailer LVMH nears takeover of TIFFANY at 16 billion USD in largest deal ever in luxury sector...

        translation...darwinian consolidation even in this sector

        Comment


        • #6
          Conspicuous consumption, holy moley!

          Comment

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