Cie Financiere Richemont | Embracing Digital Disruption
Richemont (JSE: CFR) continues to focus on the long-term growth and sustainability of their luxury brands in an evolving market. We expect the acquisition of YNAP, strict control of sell-in and optimisation of its soft luxury portfolio to weigh on earnings growth in the short-term, as noted in H1'19 (HEPS: -6.8% y/y). We calculate that these actions reduced operating margins by 180bps for the core business and 630bps for the Group as whole. However, on an underlying basis, the operating margin of the Jewellery Maison (+280bps) and Specialist Watchmakers Maison (+110bps) was impressive. This is evidence of the success of strategic actions taken over the past two years.
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