Richemont's Performance Strong in 3Q; Wholesale Rationalisation a Long-Term Positive
We maintain a wide moat rating for Richemont, as it announced third-quarter constant-currency growth in line with our expectations and slightly above consensus. We expect to adjust our full-year forecasts to reflect the strength of the euro, which will not result in a material change to our fair value estimate. We see shares as fairly valued at current levels.ÂEuro strength shaved 6%Â off reported revenue in the third quarter and weighed on sales in Europe. In constant currencies, revenue increa...
Compagnie Financiere Richemont is engaged in the luxury goods market. Co.'s interests encompass some names such as Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Alfred Dunhill, Montblanc and Net-a-Porter. Co.'s luxury goods businesses are separated into four segments: Jewellery Maisons (design, manufacture and distribution of jewellery products), Specialist Watchmakers (design, manufacture and distribution of precision timepieces), Montblanc Maison (design, manufacture and distribution of writing instruments) and Other Businesses (Alfred Dunhill, Lancel, ChloA(c), Net-a-Porter, Purdey, textile brands and other manufacturing entities).
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