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CFRHF - Richemont: FX Headwinds And Lower Interest Income
Cie Financiere Richmn New
2025-05-26 02:26:12 ET
Summary
Richemont outperformed the luxury sector, driven by strong jewellery division growth, but faces headwinds in specialist watchmakers and margin pressure from FX and raw materials.
Despite resilient sales, growth remains low single digits, and inventory challenges persist, especially in China.
Richemont is fairly valued and has a solid balance sheet, but we see better risk-reward elsewhere.