Richemont : More challenging environment in China and visible reductions to our estimates but still an enviable position relative to the rest of the sector
>A more cautious view on the sector outlook leads us to adopt a more conservative growth scenario for the group for FY 2024-25 and FY 2025-26 - We think that growth in the luxury goods sector is unlikely to improve significantly in H2 2024 after slight growth in H1 of +1%/+2% given that luxury goods consumption in China is showing increasing signs of weakness. While the group and notably its jewellery division (Jewellery Maisons) probably continued to grow in Q2 (ca...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).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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