Luxury conglomerate Richemont has reported impressive half-year figures, achieving sales and operating profit of €9.7 billion and €2.7 billion respectively. Despite a net loss of €766 million, primarily due to a writedown from its discontinued operation Yoox Net-a-Porter (YNAP), the company remains confident about its future performance. Richemont experienced a substantial 24% year-on-year increase in sales, supported by a notable 27% rise in gross profit. The fashion division of the conglomerate, comprising esteemed brands like Chloé, Delvaux, and Montblanc, recorded an impressive 27% growth in sales, coupled with a commendable operating margin of 4.3%. Richemont also celebrated the strong performance of its Jewellery Maisons and Specialist Watchmakers, which contributed to an enhanced operating margin of 28.1%. In an effort to establish a neutral industry-wide platform, Richemont recently unveiled its plans to sell a controlling interest in YNAP to Farfetch and Alabbar, with the transaction expected to be finalized by the end of 2023. Furthermore, the appointment of Patricia Gandji, Richemont’s Chief People Officer and CEO of Regions, to the Senior Executive Committee highlights the conglomerate’s commitment to strengthening its leadership team.

Useful links:
– For more information on Richemont and its luxury brands, visit their official website: https://www.richemont.com
– To learn about the industry-wide platform being created through the sale of YNAP, visit Farfetch’s website: https://www.farfetch.com