News Flash

Richemont leather & accessories biz broadly in line

13 Sep '07

4 min read

The Annual General Meeting of Compagnie Financière Richemont SA will be held later in Bellevue, Geneva, Switzerland. At that meeting, shareholders are expected to approve the proposals of the Board of Directors in terms of the approval of the financial statements and the appropriation of retained earnings.

An ordinary dividend of € 0.65 per Richemont unit has been proposed, an increase of 8 per cent compared to the prior year.

In addition, a special dividend of € 0.60 per unit will be payable, bringing the total dividend for the year to € 1.25 per unit. A further press release will be issued immediately after the meeting to confirm the decision.

At the meeting, Executive Chairman, Mr. Johann Rupert, will make the following statement in respect of Richemont's current trading performance:
“In July this year, we reported our trading results for the first three months of the business year. For that quarter ended 30 June, sales overall increased by 9 per cent at actual exchange rates and by 15 per cent in underlying, local currency terms when measured at constant exchange rates."

"For the full five month period to end-August, sales have continued to show good growth overall. Cumulative sales for the 5 months across all of our business areas grew by 11 per cent at actual rates or 17 per cent at constant exchange rates."

The strongest growth during the period continued to come from our specialist watchmakers, where sales overall atactual exchange rates increased by 20 per cent over the five-month period.

Montblanc's sales grew by 11 per cent, a very good performance considering the positive impact of the centenary celebrations in 2006.

Our jewellery Maisons – Cartier and Van Cleef & Arpels – saw sales increase by 8 per cent. The leather and accessories businesses were broadly in line with last year, whilst Chloé reported sales growth of 12 per cent. From a geographic perspective we have seen good growth in most of our markets.

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