Luxe
The Geneva luxury group’s first half ended with a 47% drop in sales. The cause: coronavirus.
The Geneva manager of luxury brands shows a plunge in sales for the first six months of the year comparable to that revealed the day before by his Biel competitor Swatch. (archive)
–KEYSTONE/EPA/RICHEMONT
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Richemont completed the first quarter of its staggered 2020/21 fiscal year (April-June) with a staggering 47% drop in sales to 1.99 billion euros. The group explains this decline by the effects of the coronavirus pandemic on its business.
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Revenues are down in all regions, all branches and all distribution chains specifies the Geneva luxury group in a press release published Thursday.
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The Asia-Pacific region was the most resilient with a decline of only 29% to 1.01 billion euros, mainly due to the recovery in China which saw an increase of 47% in the last quarter.
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Japan and the Americas are the two most affected geographic regions, with sales of 64% and 61% respectively at constant exchange rates.
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The copy made by Richemont is slightly below the average of projections made by analysts from the AWP consensus.
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The world number two in luxury did not articulate forecasts for the rest of the year.
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(ATS / NXP)
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