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Richemont sees 16% sales rise in H1 and incurs costs related to YNAP sale

Tom Shearsmith
11 November 2022

Luxury group Richemont, owners of Cartier and Chloé, has revealed that H1 sales reached £8.47 billion (€9.7 billion), an increase of 16% at constant exchange rates.

Operating profit for the period ending 30 September increased by 26% to £2.36 billion (€2.7 billion), presenting an improved operating margin of 28.1%.

Financial highlights from Richemont included:

  • Improved momentum in Asia Pacific with sales up 3% at actual rates; double-digit increases in all other regions
  • Growth momentum led by retail, up 30% at actual exchange rates and 21% at constant exchange rates, representing 67% of group sales.
  • Jewellery Maisons achieving 16% sales growth at constant rates and delivering a 37.1% operating margin
  • Specialist Watchmakers expanding sales by 13% at constant exchange rates and achieving 24.8% operating margin
  • Other business areas (predominantly fashion and accessory Maisons) growing 19% at constant exchange rates and generating a 4.3% operating margin
  • €2.9 billion loss from discontinued operations primarily resulting from €2.7 billion non-cash write-down of YNAP net assets

Earlier this year, Richemont sold a majority stake of Yoox Net-a-Porter to Farfetch and an Emirati investor. The transaction will see Farfetch pay Richemont between 53 to 58.5 million Farfetch shares, as well as an additional $250 million worth of shares five years after the deal is completed, acquiring 47.5% of Yoox Net-a-Porter.

Adding new context to the deal, Johann Rupert, Richemont Chairman, said: "The agreement for Farfetch and Alabbar to acquire 47.5% and 3.2% of YNAP, respectively, leaving Richemont holding 49.3%, will realise my long-standing goal of making YNAP a neutral industrywide platform, with no controlling shareholder. In exchange, Richemont will receive Farfetch shares, expected to represent 12-13% of Farfetch’s issued share capital, to further align interests."

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