Luxury giant Richemont says net profit up 3.0% despite slowing China sales

on May 15 2014 | in Daily Headlines | by | with No Comments

Swiss-based luxury giant Richemont on Thursday said its net profit rose by 3.0 percent in its financial 2013-2014 despite falling sales in China and currency instability.

The world’s second largest luxury goods group, whose stable of brands includes Cartier, Piaget, Jaeger-LeCoultre and Montblanc, said that its net profit reached 2.0 billion euros ($2.7 billion).

Richemont’s financial year run from April 1 to March 31, and the profit figure was in line with expectations.

Sales meanwhile rose by 5.0 percent to reach 10.6 billion euros — analysts had expected 10.5 billion euros.

Sales rose by 2.0 percent in the Asia-Pacific region, though that marked a slowdown compared with the previous financial year.

Richemont said that while sales held up in Hong Kong and Macao, they slipped in mainland China, a market where the luxury watch sector has been affected by anti-corruption measures that ban luxury gifts.

 

Read more at GlobalPost.

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