The boom in luxury goods continues. The jewelry and watch group Richemont grew in the first half of 2023/24 (as of September 30) and made a billion-dollar profit. Sales in the jewelry business rose sharply again.
Sales rose by 6.0 percent to 10.2 billion euros in the months from April to September, as the manufacturer of luxury watches from Piaget and IWC as well as expensive jewelry from Cartier and Van Cleef & Arpels announced on Friday. Calculated in local currencies, the increase was 12 percent.
Richemont puts the operating result (EBIT) from continuing operations at 2.7 billion euros. On a comparable basis, this is a decrease of 2.0 percent. The bottom line was 2.2 billion euros – an increase of 3.0 percent compared to the same period last year.
Richemont did not quite meet analyst expectations. As usual, Richemont did not provide a specific outlook for the remainder of the 2023/24 financial year. (dpa)