Advertise with fastmoving.co.za
 
 

Richemont chair John Rupert says group sales rose 27%, 'reflecting growth across all business areas and distribution channels.'
Richemont chair John Rupert says group sales rose 27%, 'reflecting growth across all business areas and distribution channels.'

Richemont lifts dividend 5% as online platforms boost sales

RETAILER NEWS

By Nick Hedley - May 17th, 08:52

Richemont chair John Rupert says group sales rose 27%, 'reflecting growth across all business areas and distribution channels.' 

Richemont has hiked its dividend for the year to end-March by 5% after the luxury goods company’s online platforms boosted annual sales.

The group recently made a foray into the online-distributors market with the acquisitions of luxury and fashion retailer Yoox Net-a-Porter (YNAP) and pre-owned watch platform Watchfinder.

The year to March was “one of transition and consolidation”, said Richemont chair, Johann Rupert. Richemont’s brands include Cartier and Van Cleef & Arpels.

Group sales rose 27% to €14bn, “reflecting growth across all business areas and distribution channels, Rupert said.

YNAP’s sales rose “at a double digit rate”.

Excluding YNAP and Watchfinder, group sales grew 8%.

Operating profit rose 5% to €1.9bn, falling slightly short of analyst expectations.

“Most of our markets were in positive territory, led by double-digit increases in the US and in all the main markets of Asia Pacific,” Rupert said.

Profit for the year rose to €2.8bn, including a post-tax noncash gain of €1.4bn on a revaluation of YNAP shares.

The board proposed a dividend of Sf2 ($1.98) per share, from Sf1.90 the previous year.

Rupert said Richemont’s discussions with Chinese e-commerce giant Alibaba are progressing. In October 2018, the group announced plans to establish a joint venture with Alibaba to extend the in-season offerings of YNAP to Chinese consumers.Business Live 

Related News

CBD oil product launching countrywide in Clicks and Dis-Chem
15/10/2019 - 14:43
South Africa’s top health and beauty retailers, Clicks and Dis-Chem, are both rolling out the Elixinol range of CBD full-spectrum extract products in October.

Data management in a digital world
15/10/2019 - 14:02
Data management plans (DMPs) are evolving as the technology that enables organisations to better analyse their data become more powerful and innovative. But what impact does this have on operations and the efficiency of managing the complexities of data in a changing regulatory environment?

Checkers launches long-awaited rewards programme
15/10/2019 - 12:20
The wait is over - Checkers Xtra Savings is here! Africa’s largest supermarket group has introduced its latest initiative that shows their loyalty to customers, and not the other way around.

Hyde Park Corner celebrates 50 fabulous years with customers
14/10/2019 - 15:20
Hyde Park Corner is celebrating its golden anniversary with '50 & Fabulous’ celebrations that include exciting events, lucky draws, prizes, special offers, opportunities to give back, milestone exhibits and a whole lot more in October and November.

Retail apocalypse narrative might be over-exaggerated
14/10/2019 - 13:55
There are two sectors on the JSE that have fallen out of favour - Property and Retail.