The buyer is Cie. on Canton Road in the Tsim Sha Tsui area of Hong Kong. A unit of Financiere Richemont SA lines up to enter a Cartier store.
Billy H. C. Cook Bloomberg | Getty Images
Shares of the Swiss luxury group Richmond After the company climbed as much as 6.3 percent on Friday. Reported Record full-year sales, even as Asia Pacific costs decline.
Despite a weaker outlook for luxury brands, group sales rose 3 percent at actual exchange rates to a record high of 20.6 billion euros ($22.38 billion) in the fiscal year ended March, Cartier’s owner said.
Shares were slightly lower after the market opened to trade up 5.6% by 9:00 a.m. London time.
Fiscal fourth-quarter sales fell 1% at actual rates to 4.8 billion euros, due to a slowdown in Asia-Pacific.
“We experienced a challenging comparable sales softening in the fourth quarter in Asia Pacific, which was offset by higher growth in all other regions. As we predicted, a sustained recovery in Chinese demand will take some time. It will,” chairman Johan Rupert said in a statement.
In a separate statement, the company announced Van Cleef & Arpels CEO Nicolas Bose as its new group CEO, effective June 1.
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