2024-05-28 04:12:44 ET
Summary
- Richemont saw growth in all regions and business areas, with the strongest performance in the retail channel and the Asia-Pacific region.
- Richemont is moving on with a bolt-on M&A strategy and revenue diversification.
- The company's base is much better than before, which might support a multiple re-rating. Our buy is confirmed.
On 17/05/2024, Compagnie Financière Richemont (CFRHF)(CFRUY) reported its fiscal year numbers. For our new readers, the company is one of the world's largest luxury players, with a significant market share in the jewelry category. Approximately 70% of Richemont’s sales are derived from its Jewellery Maisons division, whose product portfolio comprises Cartier, Van Cleef & Arpels, and Buccellati brands. The remainder is attributable to smaller brands and specialist watchmakers, including well-known companies such as Panerai, Vacheron Constantin, Piaget, IWC, and Jaeger-LeCoultre. Here at the Lab, we also reported Compagnie Financière Richemont's leading owner (the Rupert family) and its distinctive class of shares. ...
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Richemont: Solid Results Ahead, Buy Confirmed