Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Compagnie Financière Richemont    CFR   CH0210483332


Delayed Quote. Delayed Swiss Exchange - 06/14 11:31:44 am
79.44 CHF   +0.03%
06/07Gucci parent Kering moves to tighten grip on e-commerce
05/29Richemont's 2019 Annual Report now available online
05/22MIUCCIA PRADA : Prada to Ban Fur From 2020
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

French protests weigh on Richemont sales as China holds up

share with twitter share with LinkedIn share with facebook
share via e-mail
01/11/2019 | 05:25am EDT
FILE PHOTO: A worker boards up store windows on the Champs Elysees Avenue on the eve of demonstrations by

PARIS (Reuters) - Cartier owner Richemont said "yellow vest" protests in France weighed on its sales at the end of 2018, but signalled healthy momentum within China that could bode well for some luxury goods rivals.

Investors are on edge over worries that Chinese appetite for big-ticket items could wane as its economy slows, particularly after an Apple warning last week over weaker iPhone sales in the country.

Further clouding the picture is a shift in spending patterns as Chinese consumers, squeezed by a falling yuan, start spending more at home, creating uncertainty for overseas tourist hotspots or shopping destinations.

Switzerland's Richemont, the world's second biggest luxury goods group, said sales growth had slowed in the three months to Dec. 31 in Hong Kong, for instance, the biggest market in the world for watches.

That came on top of problems in France, where a backlash over high living costs led to riots in Paris which according to Richemont "negatively impacted tourism and led to store closures for six consecutive Saturdays".

French companies have this week revealed some 60 million euros (£54.1 million) of lost business from the anti-government demonstrations.

But Richemont -- which also makes Van Cleef & Arpels jewellery, and owns IWC watches and fashion brand Chloe -- signalled sales were still progressing at a healthy pace in mainland China, citing "double digit" growth there.

Chinese shoppers at home and abroad account for over a third of sales in the luxury industry as a whole, and companies are shaking up their approach to corner that clientele, arguing that in the long-term demand will stay strong.

Richemont said in October it was partnering with China's e-commerce giant Alibaba to shore up sales there, and as part of a push to sell more online.


Richemont shares, down over 30 percent since hitting a peak last May when worries over a U.S.-China trade war began to emerge, were up 2.9 percent by 0910 GMT.

Shares in peers including Louis Vuitton owner LVMH, which reports results on Jan. 29, and Gucci parent Kering also rallied.

Overall, Richemont posted a 5 percent rise in sales at constant currencies in the October-December period, its third quarter, excluding recently acquired online distributors Yoox Net-A-Porter (YNAP) and Watchfinder, a second-hand platform.

That marked a slight slowdown from the 8 percent growth in the six months to end-September, though it was in line with consensus estimates cited by analysts.

"Sales grew in all regions, with the exception of the Middle East and Europe," Richemont said. It gave no outlook.

Including YNAP and Watchfinder, Richemont's sales were up 24 percent at constant currencies, in line with expectations.

Analysts at RBC cited Asia as a bright spot - underlying sales there increased 10 percent, down from 14 percent in the prior six month period - and said prospects for jewellery, where Richemont makes the bulk of revenues, were encouraging.

But others like Berenberg pointed to a flat performance its specialist watch brands as a potential headwind for rivals such as Swatch.

(Reporting by Sarah White; Editing by Himani Sarkar and Keith Weir)

By Sarah White

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING -1.39% 158.1 Delayed Quote.15.34%
APPLE -0.73% 192.74 Delayed Quote.22.19%
COMPAGNIE FINANCIÈRE RICHEMONT 0.03% 79.44 Delayed Quote.26.10%
KERING 0.30% 486.45 Real-time Quote.18.19%
LVMH MOËT HENNESSY VUITTON SE -0.35% 354 Real-time Quote.37.10%
THE SWATCH GROUP -1.22% 258.3 Delayed Quote.-9.91%
share with twitter share with LinkedIn share with facebook
share via e-mail
06/07Gucci parent Kering moves to tighten grip on e-commerce
06/04COMPAGNIE FINANCIERE RICHEMONT : Van Cleef & Arpels launches Middle East Emergen..
05/29Richemont's 2019 Annual Report now available online
05/26COMPAGNIE FINANCIERE RICHEMONT : Net-a-porter brings high summer dressing to lif..
05/22MIUCCIA PRADA : Prada to Ban Fur From 2020
05/17GLOBAL MARKETS LIVE : Nissan, Amazon, Microsoft, Sony…
05/17Weak profitability eclipses strong China, U.S. sales at Richemont
05/17COMPAGNIE FINANCIERE RICHEMONT : Richemont Fiscal Year 2019 Net Profit Up on One..
05/17Results for the year ended 31 March 2019
05/14COMPAGNIE FINANCIERE RICHEMONT SA : annual earnings release
More news
Financials (€)
Sales 2020 15 239 M
EBIT 2020 2 343 M
Net income 2020 1 801 M
Finance 2020 3 286 M
Yield 2020 2,74%
P/E ratio 2020 22,63
P/E ratio 2021 20,12
EV / Sales 2020 2,19x
EV / Sales 2021 2,07x
Capitalization 36 729 M
Duration : Period :
Compagnie Financière Richemont Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends COMPAGNIE FINANCIÈRE RICHE
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 27
Average target price 72,9 €
Spread / Average Target 3,7%
EPS Revisions
Jérôme Lambert Group Chief Executive Officer, COO & Director
Johann Peter Rupert Executive Chairman
Burkhart Grund Chief Financial Officer & Director
Alan Grant Quasha Non-Executive Director
Jan Rupert Non-Executive Director
Sector and Competitors