Shares of Cartier owner Richemont climb on record full-year sales, new CEO
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 17 2024
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Source: CNBC
- Richemont's Performance: Richemont's shares rose 6.3% after reporting record full-year sales of 20.6 billion euros, despite a slowdown in Asia-Pacific spending.
- Financial Details: Group sales increased by 3% to an all-time high, but fiscal fourth-quarter sales fell by 1% due to a decline in Asia-Pacific.
- Leadership Change: Nicolas Bos, CEO of Van Cleef & Arpels, will become the new group CEO of Richemont starting June 1.
- Luxury Sector Challenges: The luxury sector has been facing challenges since late 2023 due to tough macroeconomic and geopolitical conditions affecting consumer spending, especially in China.
- Market Impact: Other luxury stocks like LVMH, Kering, and Christian Dior were trading lower on Friday morning, with Kering expecting a sharp downturn in first-half profits.
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.
