Shares of Cartier owner Richemont climb 6% on record full-year sales, new CEO
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 17 2024
0mins
Source: CNBC
- Richemont's Shares Surge: Richemont's shares rose by 6.3% after reporting record full-year sales of 20.6 billion euros despite a decline in Asia-Pacific spending.
- Financial Performance: Group sales increased by 3% to an all-time high, but fiscal fourth-quarter sales fell by 1% due to a slowdown in Asia-Pacific.
- Market Reaction: Shares initially dipped slightly but recovered to trade up by 5.6% by 9:00 a.m. London time.
- Chairman's Statement: Chairman Johann Rupert mentioned a softening of sales in Asia Pacific in the fourth quarter and highlighted higher growth in other regions.
- Leadership Change: Nicolas Bos, CEO of Van Cleef & Arpels, was announced as the new group CEO of Richemont, effective June 1.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
