Bryan Garnier - Richemont (CFR) Richemont to face margin pressure as watch sales decline in H1 2025

Report

Bryan Garnier

Loic Morvan ...

Paul Rouviere

Richemont to face margin pressure as watch sales decline in H1 2025

Ahead of H1 results (end-September) due out on 8th November, we lower our Richemont FY25 earnings by 6% to reflect i/ further deterioration in Chinese consumer confidence, and ii/ lower demand for Luxury Watches from Asia which is iii/ pressuring margins in the Specialist Watchmakers division. We s

26/09/2024 1 EN

Underlying

Richemont

See profile

Provider

Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

See profile

Analysts

Loic Morvan

Paul Rouviere

Other Reports on these Companies

Bryan Garnier

Luxury Goods: only a very slight rebound expected in H2

As expected, H1 was a poor vintage for Luxury groups. On average, our luxury groups sample achieved 1% organic sales growth, in line with Q1. Only Hermès, Moncler and Brunello Cucinelli enjoyed double-digit growth. Consequently, H1 profitability came under pressure. H2 is not expected to be much be

September 12, 2024 September 12, 2024 1 EN

Bryan Garnier

Luxury Goods: H1 profitability under pressure

We turn more cautious on the sector as recent newsflows points to a deterioration of China's macro. H1 should prove to be challenging for the sector with Q2 growth expected to decelerate sequentially from +1% FX-n in Q2 to zero in Q2. With lower topline growth, Luxury groups will be under pressure

July 5, 2024 July 5, 2024 1 EN

Tomra: sorting things out

Following the publication of our Smart Waste industry note entitled "Life in plastic, it's (no longer) fantastic", we initiate coverage of Tomra Systems with a Neutral rating and a price target of NOK160.Founded in 1972 in Norway, Tomra is a global leader in resource optimisation through sensor-bas

September 27, 2024 September 27, 2024 1 EN

Mahaut Arnaud ... (+3)

Mahaut Arnaud
Paul de Froment
Thomas Mordelle

Loop Industries: Infinite possibilities, Infinite Loop

Following the publication of our Smart Waste industry note entitled "Life in plastic, it's (no longer) fantastic", we initiate coverage of Loop Industries with a Corporate rating and a price target of USD4.0.Founded in 2014, Loop Industries is revolutionising PET recycling with its proprietary low-

September 27, 2024 September 27, 2024 1 EN

Maria Vara

Maria Vara

BONESUPPORT: SOLARIO study results signal a paradigm shift in osteomyelitis SOC

At the EBJIS 2024 conference, we had the pleasure of hearing firsthand the remarkable top-line SOLARIO study results presented by Prof. Martin McNally, a well-known KOL in the bone infection industry. Involving 500 patients with orthopaedics infections, with 1-year follow-up, the study aimed at ass

September 27, 2024 September 27, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Richemont to face margin pressure as watch sales decline in H1 2025

Luxury Goods: only a very slight rebound expected in H2

Luxury Goods: H1 profitability under pressure

Tomra: sorting things out

Loop Industries: Infinite possibilities, Infinite Loop

BONESUPPORT: SOLARIO study results signal a paradigm shift in osteomyelitis SOC

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe