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.
This story was reported by WWD and originally appeared on WWD.com.
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