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

COMPAGNIE FINANCIÈRE RICHEMONT

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Richemont head of fashion quits to pursue opportunity outside the group

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09/10/2019 | 07:10am EDT

ZURICH (Reuters) - Luxury goods group Richemont said its head of fashion and accessories, Eric Vallat, had decided to leave to pursue a "wonderful opportunity outside the group" after just over a year in the job.

Vallat, who had worked at Louis Vuitton and Christian Dior, was chief executive at Remy Martin before joining Richemont in June last year to put the fashion and accessories business back on track.

"Eric has been offered a wonderful opportunity outside the Group and I fully understand his decision to pursue it," Richemont Chairman Johann Rupert said in a statement on Tuesday.

Richemont has gone through several management reshuffles in recent years, reflecting difficulties at its watch unit and a stronger focus on online distribution that saw its technology chief throw in the towel in May last year.

Richemont declined to give further details on Vallat's departure.

The world's second-biggest luxury goods group generates the lion's share of its sales with Cartier jewellery and luxury watches sold under brands such as IWC and Vacheron Constantin.

Its fashion and accessories business, with labels such as Chloe, Dunhill and Montblanc, represented just 13% of group sales and suffered an operating loss in fiscal 2018/19 to the end of March.

Richemont sold struggling leather bagmaker Lancel to Italy's Piquadro last year.

Shares in Richemont were down 1.4% at 1045 GMT, lagging a 0.7% weaker sector index <.SXQP>.

(Reporting by Silke Koltrowitz, editing by Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
CHRISTIAN DIOR SE 0.35% 464.2 Real-time Quote.39.02%
COMPAGNIE FINANCIÈRE RICHEMONT 0.75% 80.76 Delayed Quote.27.24%
LVMH MOËT HENNESSY VUITTON SE 0.61% 382 Real-time Quote.47.95%
REMGRO LIMITED -1.31% 180.64 End-of-day quote.-5.64%
RÉMY COINTREAU -3.56% 130 Real-time Quote.31.38%
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Financials (EUR)
Sales 2020 15 158 M
EBIT 2020 2 301 M
Net income 2020 1 730 M
Finance 2020 3 141 M
Yield 2020 2,64%
P/E ratio 2020 24,0x
P/E ratio 2021 21,2x
EV / Sales2020 2,54x
EV / Sales2021 2,35x
Capitalization 41 574 M
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Technical analysis trends COMPAGNIE FINANCIÈRE RICHE
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 27
Average target price 76,27  €
Last Close Price 73,60  €
Spread / Highest target 23,0%
Spread / Average Target 3,62%
Spread / Lowest Target -19,6%
EPS Revisions
Managers
NameTitle
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