Currency windfall boosts Richemont profits, Cartier chief quits

6th November 2015, Comments 0 comments

Richemont, the world's second-biggest luxury goods company, on Friday reported strong profits but acknowledged that a currency windfall caused most of the rise.

Richemont, second only to France's LVMH in the luxury world, also said that the boss of its legendary Cartier division was leaving his post.

Richemont's net profit rose 22 percent in the six months to September to 1.1 billion euros ($1.2 billion).

Sales in the period, the group's first half, rose 15 percent to 5.8.

The weak euro, the company's reporting unit, accounted for a big chunk of the rise, the company said, as sales in other currencies translated into more euros.

Stripping out currency factors, the sales increase was just three percent.

The company also said that Stanislas de Quercize, managing director of legendary jewellers Cartier had submitted his resignation for personal reasons with immediate effect. He is to stay on as president of Richemont France, it said.

Group turnover was boosted by jewellery sales, especially in Europe and Japan.

But sales in luxury watches were weak, particularly in the Asia-Pacific region, it said.

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© 2015 AFP

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