Richemont : Jewellery continues to post growth despite the decline in China
>Q1 sales broadly in line with Jewellery Maisons very robust, but Specialist Watchmakers seeing a double-digit decline penalised by China - The group’s Q1 sales stand at € 5,268m; we were expecting € 5,292m and the most recent Visible Alpha consensus was at € 5,278m. Organic growth for the quarter is in line at 1% (we had forecast +0.7%, the observed slight negative gap is due to forex) and comes after a score of +1.9% in the previous quarter (Q4 for the year to end...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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