Richemont’s revenues climbed by 3 per cent at actual exchange rates and 8 per cent at constant exchange rates to reach € 20.6 billion for the entire financial year. At constant exchange rates, operational profit improved by 13 per cent to € 4.8 billion. Sales for the fourth quarter increased by 2 per cent at constant exchange rates but decreased by 1 per cent at actual exchange rates.
The business also declared the nomination of Bram Schot as non-executive deputy chairman of the board, beginning 11th September 2024, and Nicolas Bos, who is now CEO of Van Cleef & Arpels, to the reestablished position of CEO of Richemont, effective 1st June 2024.
“We experienced a softening of sales in the fourth quarter in Asia Pacific against challenging comparatives, which was more than offset by higher growth in all the other regions. As we predicted, a sustainable rebound in Chinese demand would take some time,” said Johann Rupert, chairman of Compagnie Financière Richemont SA in a statement.
Sales increased in every region and nearly every channel, with the exception of the online retail channel, at actual currency rates. At constant exchange rates, the group’s directly operated stores generated an 11 per cent growth and 5 per cent growth at actual exchange rates.
Asia Pacific saw the largest rise in sales, up 4 per cent at actual exchange rates and 10 per cent at constant exchange rates, followed by Japan, which saw an increase of 8 per cent at actual exchange rates and 20 per cent at constant exchange rates.
At constant exchange rates, operating profit increased by 13 per cent to 26.2 per cent of sales, while operating profit at the group level came in at € 4.8 billion. With € 3.8 billion in profit for the year, ongoing operations turned a profit. The year’s total earnings came to € 2.3 billion.
On 1st June 2024, newly appointed CEO Nicolas Bos will join the senior executive committee and continue to report to Johann Rupert. On 11th September 2024, at the annual general meeting, he will be put forward for election to the board. The firm also stated that Bos will manage all the maisons, functions, and regions in his new capacity, both directly and indirectly. Of particular note are the finance, human resources, and jewellery maisons.
