Richemont sees double-digit sales decline in Hong Kong amid protests

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Qulity Score:
  • News: 25%
  • Publisher: 63%

Protests in Hong Kong weighed on the luxury-goods marker’s results, though this was offset by a strong performance in China and Japan

South Africa Latest News, South Africa Headlines

Johann Rupert’s Richemont, the luxury goods group that owns the Cartier brand, said on Friday sales in Hong Kong contracted by double-digits in its six months to end-September due to protests in the wealthy city.

Group sales rose 9% to €7.39bn , less than the €7.46bn expected by analysts polled by Bloomberg. A stronger Hong Kong dollar vs the renminbi, which weighs on tourists spending, also put pressure on the market.Operating profit rose 3% to €1.16bn, also missing expectations, with the company reporting it had seen growth in the Jewellery Maisons.talian jewellery brand Buccellati for €230m, though this had not contributed to its results for the period.

Richemont said the acquisition would help it benefit from the long-term potential of the jewellery market, and in October it signed an agreement with fashion designer Alber Elbaz to form a start-up called AZ Fashion. “We are undertaking a significant transformation to ensure our Maisons and businesses will continue to prosper in a more connected world,¨ Rupert said in the statement.

“Global events are beyond our control and while we have remained responsive to market challenges, we have also continued to invest in our Maisons, reinforcing our long term approach to developing Richemont’s businesses,” he said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Violence spreads across Hong Kong New Territories on 24th weekend of unrestProtesters daubed graffiti on shop fronts in Kowloon Tong and “stormed” shops in Tsuen Wan, police said.
Source: ewnupdates - 🏆 30. / 53 Read more »

WeWork wriggling out of property leases in Hong KongThe potential retreat comes shortly after the cash-strapped co-working company said it plans to expand its footprint in the city
Source: BDliveSA - 🏆 12. / 63 Read more »

Alibaba seeks $15bn in a Hong Kong share saleAsia’s largest firm by market value is preparing for a hearing as mandated by companies that list on the Hong Kong bourse
Source: BDliveSA - 🏆 12. / 63 Read more »

Alibaba seeks $15bn in a Hong Kong share saleAsia’s largest firm by market value is preparing for a hearing as mandated by companies that list on the Hong Kong bourse Hong Kong 🇭🇰 Fire 🔥 $ale
Source: BDliveSA - 🏆 12. / 63 Read more »

Hong Kong protester dies after falling in clashes with policeStudent Alex Chow was taken unconscious to hospital early on Monday after late-night clashes between police and protesters, and died on Friday
Source: BDliveSA - 🏆 12. / 63 Read more »

Police fire tear gas as Hong Kong vigils turn violent | IOL NewsPolice dispersed crowds with tear gas late Friday as vigils and protests took place across Hong Kong over the death of a student protester.
Source: IOL - 🏆 46. / 51 Read more »