Luxury goods group Richemont is prioritizing cash management in response to the ongoing COVID-19 pandemic, according to chairman Johann Rupert. Speaking during a webcast on Wednesday ahead of Richemont’s upcoming shareholder meeting, Rupert emphasized the need for the company to remain cautious and preserve its cash reserves. The pandemic has significantly impacted the luxury goods industry, with global lockdowns and travel restrictions affecting sales and consumer behavior. Recognizing the uncertainty surrounding the availability of therapeutics and vaccines, Richemont has chosen to take a cautious approach to safeguard its financial health. Preserving cash reserves is crucial for businesses in the luxury goods industry, allowing flexibility in responding to challenges. Despite the difficulties faced, Richemont remains optimistic about the future, leveraging its strong brand portfolio and reputation for quality and craftsmanship.

For more information on Richemont’s response to the COVID-19 pandemic, please visit Richemont’s official website.

To learn about the impact of COVID-19 on the luxury goods industry, please visit this article by Business of Fashion.