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

COMPAGNIE FINANCIÈRE RICHEMONT SA

(CFR)
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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 0.40% 354.8 Real-time Quote.-22.64%
COMPAGNIE FINANCIÈRE RICHEMONT SA -0.42% 61.36 Delayed Quote.-18.99%
JUST GROUP PLC -0.49% 44.56 Delayed Quote.-43.32%
LVMH MOËT HENNESSY - LOUIS VUITTON SE 1.11% 404.45 Real-time Quote.-3.40%
REMGRO LIMITED 0.96% 87.33 End-of-day quote.-55.22%
RÉMY COINTREAU -0.20% 152.1 Real-time Quote.39.18%
WILL GROUP, INC. -6.31% 876 End-of-day quote.-30.03%
WORLD CO., LTD. -2.41% 1418 End-of-day quote.-47.31%
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Financials
Sales 2021 12 527 M 14 601 M 14 601 M
Net income 2021 684 M 797 M 797 M
Net Debt 2021 124 M 145 M 145 M
P/E ratio 2021 47,4x
Yield 2021 1,72%
Capitalization 32 303 M 37 715 M 37 651 M
EV / Sales 2021 2,59x
EV / Sales 2022 2,21x
Nbr of Employees 35 657
Free-Float 88,8%
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Technical analysis trends COMPAGNIE FINANCIÈRE RICHEMONT SA
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TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 25
Average target price 58,38 €
Last Close Price 57,16 €
Spread / Highest target 33,1%
Spread / Average Target 2,13%
Spread / Lowest Target -33,2%
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Managers
NameTitle
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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