SWGAY - Richemont: Shifting Strategies In Watches To Better Compete But At The Risk Of Tarnishing Some Brand Image
Compagnie Financiere Richemont (OTCPK:CFRUY), also known as Richemont, appears to be experiencing some recovery in watch sales. Jewelry sales were also resilient, driving a majority of the growth in overall sales. Wholesale revenues continue to decline, however, and the company is still working out its inventory problems. Watch inventory buybacks (which the company considers "exceptional" items) from multi-brand retail partners were around € 203 million during its most recent fiscal year.
Without including the buybacks, sales rose 7% in constant currency terms, with all regions (except Europe) exhibiting growth. Asia Pacific sales were