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Cartier owner sales lifted by jewellery, improving Asia
Jewellery sales rose 6% driven by strong demand and a rebound in Asian markets, with first-half group sales reaching €10.6 billion, beating analyst forecasts.
- On Friday, Swiss luxury group Richemont said sales ahead of forecasts, with the first-half total reaching 10.6 billion euros, up 2.4 billion euros.
- Strong demand for jewellery lifted Buccellati, Cartier, Van Cleef & Arpels and Vhernier sales by six percent, while the Jewellery Maisons implemented measured price increases and managed costs efficiently, Richemont said.
- Investors pushed Richemont's shares up nearly eight percent to 174 Swiss francs on Friday as net profit surged to 1.8 billion euros from 457 million a year earlier.
- Regional returns to growth included double-digit sales increases in Europe, the Americas and the Middle East, with China, Hong Kong, Macau and Japan also rebounding, and an exchange-rate adjusted increase of 10 percent, Richemont said.
- Trade tensions intensified as President Donald Trump imposed 39-percent duties and Guy Parmelin, Swiss economy minister, visited Washington; Richemont said navigating uncertainty remains crucial, with Johann Rupert calling performance `solid`.
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Richemont, a jewellery and watch group, clearly increased sales in the first half of the year. While jewelry sales grew, it continued to resinate in the watch sector. The Geneva-based company operated significantly better than analysts expected.
Coverage Details
Total News Sources38
Leaning Left4Leaning Right5Center8Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
L 24%
C 47%
R 29%
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