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Home » Richemont shares climb 6% on record full-year sales, new CEO

Richemont shares climb 6% on record full-year sales, new CEO

Luxury goods group Richemont saw its shares climb 6% on Thursday following the announcement of record full-year sales and the appointment of a new CEO.

The Swiss-based company, which owns brands such as Cartier, Montblanc, and Piaget, reported a 27% increase in sales for the year ending March 31, reaching a total of $17.6 billion. This surge in revenue was driven by strong demand in Asia, particularly in China, as well as a rebound in sales in Europe and the Americas.

The company also announced that Jérôme Lambert, currently the Chief Operating Officer, will take over as CEO from September, succeeding Johann Rupert who will step down after 32 years at the helm. Lambert is credited with leading the successful turnaround of the watch division and has been with the company since 1996.

Investors reacted positively to the news, with Richemont’s shares climbing 6% in early trading on Thursday. The company’s stock has been on an upward trajectory in recent months, buoyed by strong sales and improving market conditions.

Analysts have praised Richemont’s performance in a challenging environment, noting that the company has managed to navigate the impact of the pandemic while also investing in digital innovation and expanding its product offerings.

Looking ahead, Lambert has expressed his commitment to continuing the company’s growth and innovation, stating that he is “honored and excited” to take on the role of CEO. With a proven track record of success and a strong leadership team in place, Richemont is well-positioned to capitalize on the recovering luxury goods market and drive further growth in the coming years.

Overall, Richemont’s strong sales performance and the appointment of a new CEO have instilled confidence in investors and analysts alike, signaling a bright future for the luxury goods group.