Luxury firm Richemont, which owns watch brand Cartier for instance, has forecast an 80 % profit increase for the first half of its fiscal year. Turnover will also grow more than 10 %.
Turnaround in Hong Kong
Richemont’s first six months ended on 30 September and have been highly successful. The company attributes its increase to the turnaround in the watch industry. The Hong Kong market had collapsed, which left Richemont with a surplus in unsold watches.
That turnaround is also visible in the company’s turnover levels, which should grew 10 % in the first six months. There is even a 12 % like-for-like turnover growth. Operational profit should grow 45 % based on the preliminary results and net profit should spike 80 %. The company will publish its full results on 10 November.
