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Luxury goods – Investors go to Richemont | News

Wednesday, September 13th, 2017 | Economy

For weeks, the luxury goods group Richemont has been rumored to have a strong start into the new financial year. As a result, the shares of the traditional company from Geneva separate only a few francs from the record high of the late summer four years ago.
And in fact, the interim report released in the run-up to the General Assembly on Wednesday knows the surpassing analysts' estimates. Not least thanks to a favorable benchmark from the previous year, sales in the first five months of the fiscal year 2017/18 rise by 10 percent (expected 9 percent) in local currencies and by 12 percent in local currencies (10 percent).
Nevertheless, the Richemont share in the pre-market trading of Julius Baer gains just 0.1 percent to 88.95 francs. According to observers, the strong performance of the last few weeks is likely to be quite good.
Observers consider the overall sales performance to be strong. However, reference is made to the deep comparative basis from the previous year. This has made it easy for the luxury goods manufacturer, that is the tenor. Excluding purchases from storekeepers at the time, the growth in local currencies is only 7 and not 12 per cent.
The strong growth contribution from the jewelery business is particularly evident in expert circles. This product category is considered to be quite resistant, even in times of crisis.
Geographically, the Asia / Pacific and Japan regions more than offset the surprising sluggish sales in Europe.

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