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

COMPAGNIE FINANCIÈRE RICHEMONT SA

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Geneva watch fair cancelled in 2021 due to COVID-19, replaced by online event

11/17/2020 | 10:15am EST
A logo is pictured on the headquarters of Swiss watchmaker Rolex in Geneva

ZURICH (Reuters) - The Swiss Watches & Wonders show, which hoped to bring together brands like Rolex, Patek Philippe and Cartier on location in Geneva in April, will be cancelled and replaced by a purely digital event, organisers said on Tuesday.

"In the light of uncertainty amid the current health crisis, the Watches and Wonders Geneva Exhibitor Committee has taken the decision not to hold the physical Salon, scheduled April 7 to 13," the exhibitor committee said in a statement.

Richemont's watch labels, Rolex, Patek Philippe, Chopard, Chanel, Hermes and Kering's Ulysse Nardin, will instead interact with customers, retailers and journalists online, on the same dates, with other brands also invited to participate, the organisers said.

Swiss watchmakers previously held two big watch fairs annually, the SIHH in Geneva and Baselworld, but the Basel show was shaken by the departure of Swatch Group in 2019 and the exit of Rolex, Patek Philippe and other major brands this year.

Both physical fairs were cancelled this year due to the pandemic, but the SIHH, rebaptised Watches & Wonders, took place online.

Watches & Wonders organisers said they aim to lure more major brands to the 2022 edition of the event, which they hope to hold in person, not online.

(Reporting by Silke Koltrowitz)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
COMPAGNIE FINANCIÈRE RICHEMONT SA -1.25% 84.02 Delayed Quote.2.77%
HERMÈS INTERNATIONAL 0.70% 887.2 Real-time Quote.0.16%
KERING SA -0.21% 560.5 Real-time Quote.-5.48%
LVMH MOËT HENNESSY - LOUIS VUITTON SE 1.00% 498.85 Real-time Quote.-3.32%
THE SWATCH GROUP SA -1.19% 251.7 Delayed Quote.3.11%
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Sales 2021 12 689 M 15 305 M 15 305 M
Net income 2021 710 M 857 M 857 M
Net Debt 2021 1 013 M 1 221 M 1 221 M
P/E ratio 2021 61,1x
Yield 2021 1,54%
Capitalization 43 186 M 52 265 M 52 091 M
EV / Sales 2021 3,48x
EV / Sales 2022 2,99x
Nbr of Employees 35 657
Free-Float 88,8%
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Average target price 76,09 €
Last Close Price 76,42 €
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Jérôme Lambert Group Chief Executive Officer & Executive Director
Johann Peter Rupert Executive Chairman
Burkhart Grund Group Chief Finance Officer & Executive Director
Alan Grant Quasha Independent Non-Executive Director
Jan Rupert Non-Executive Director
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