Richemont sees revenue growth in fiscal 2023 and strong growth in all regions – WWD

LONDON – A growing appetite for fine jewelry and watches led to a 19 percent increase in sales Compagnie Financiere Richemont in the 2023 financial year to almost 20 billion euros and a record profit from continuing operations.

On Friday, Richemont reported sales of 19.95 billion euros, supported by double-digit increases in all product categories and strong growth in all regions. At constant exchange rates, growth was 14 percent.

Net income from continuing operations rose 60 percent to EUR 3.91 billion Richemont described as a record.

Reported profit for the year fell 86 percent to €301 million due to the impact of discontinued operations and a €3.4 billion non-cash charge related to the proposed transfer of assets from Yoox Net-a-porter Group to Farfetch.

In a statement, the Richemont chairman said John Rupert announced “excellent results for the fiscal year, with all businesses delivering higher sales and profits.” The group has drawn on the strength of its Maisons and the resilience of the luxury consumer in an environment marked by geopolitical volatility, economic uncertainty and high inflation.”

Also on Friday, the company launched a share buyback program and nominated two new directors to the board, Fiona Druckenmiller and Bram Schot.

Rupert said that Druckenmiller’s “jewelry expertise, understanding of American customers, and social and environmental concerns will be of great value to the board,” while Schot brings “more than three decades of experience in the premium automotive industry and a deep understanding of risk management.” , supply chain and sustainability issues.”