“Even if the worst of Covid is hopefully behind us, we face a global environment which is the most unsettled we have experienced for a number of years,” chairmanThe comments raise questions about luxury demand, which has been buoyed by rich consumers who are more insulated from the effects of lockdowns and the cost-of-living crisis. That’s despite challenges including the war inBurberry Group
said profitability reached the highest level in eight years as the UK trenchcoat maker benefited from efforts to make its brand more exclusive. The chairman said on a call with reporters that his “gut feeling” is that the Chinese economy is going to suffer longer than most people think and that the country’s rebound will be slower than that of others. About 40 per cent of Richemont’s stores in that market are currently closed. China may face a “repeat of 2020” as Covid infections accelerate, Cartier chief executivePolitical polarization risks damping the “feel-good factor” that drives luxury consumption, Rupert said.
Richemont said the suspension of its business in Russia knocked €168 million off profit. Executives confirmed some of its products were seized in Russia and said the financial charges taken cover its risks in the county. The company ended the year with €5.3 billion euros in cash, which Mr Rupert said is a “source of strength” as market conditions worsen.
Operating income missed analysts’ estimates at €3.39 billion, though full-year profit more than doubled as the maker of Cartier jewellery andTopics:
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