First-half sales and profits soared at Compagnie Financière Richemont as the company brought digital businesses Yoox Net-a-Porter Group and Watchfinder into the mix and saw its long-standing businesses grow, too.
In the six months to Sept. 30, sales were up 21 percent at actual rates to 6.81 billion euros ($7.73 billion). Excluding YNAP and Watchfinder, sales in the six months grew by 6 percent at actual exchange rates and by 8 percent at constant exchange rates.
Richemont said the underlying growth was primarily driven by strong performance of the jewelry division and double-digit increases in the brands’ directly operated boutiques and online stores.
It said that robust retail sales in jewelry and watches more than offset a 2 percent decline in wholesale sales, which was mainly due to the specialist watchmakers’ ongoing inventory management and upgrade of the wholesale distribution network.
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This story was reported by WWD and originally appeared on WWD.com.
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