Published on November 8, 2024 at 12:35 p.m. / Modified on November 8, 2024 at 4:07 p.m.
The title of Geneva-based Richemont woke up under pressure on Friday, after the announcement of the six-month results of its postponed 2025 fiscal year. The publication fell below expectations and the financial market reacted accordingly. Over the half year under review, the stock fell by more than 7%. In a context marked by pressure on the entire luxury industry, Richemont’s sales held up quite well. They contracted by only 1%, to nearly 10.1 billion euros, excluding currency effects, despite an 18% fall in sales in Asia, led by China. On the other hand, profitability did not withstand the shock. Net profit shows a drop of 20% over six months, to 1.7 billion euros.
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