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EDITORIAL: Online selling proves its worth at Richemont

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Switzerland-based luxury firm’s overall sales drop by almost half, but the online section by much less

A pedestrian walks past a Cartier store, operated by Richemont, as it stands illuminated at night in Shanghai, China. Picture: BLOOMBERG

With China, which has overtaken the US as the world’s biggest market for personal luxuries, showing concrete signs of a recovery, investors have every reason to hold on to Richemont shares If anything, last week’s quarterly report from Richemont showed its decision to buy Yoox Net-A-Porter was sensible. The company’s sales in the quarter to the end of June dropped by almost half — a hugely disappointing showing but largely expected given worldwide shutdowns of non-essentials stores to fight the Covid-19 outbreak.

With China, which has overtaken the US as the world’s biggest market for personal luxuries, showing concrete signs of a recovery, investors have every reason to hold on to Richemont shares, which have recovered nearly one-third of their value from this year’s trough.

 

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