Richemont reports strong growth despite the sale of Yoox-Net-A-Porter

Richemont has posted its results for the first half of 2022. The group recorded a 24% increase in turnover, but suffered a net loss of 766 million euros due to the two-stage sale of the online sales platform Yoox-Net-A-Porter (YNAP) to Farfetch.

Eva Morletto

By Eva Morletto14 novembre 2022

The watch (+22%) and jewellery (+27%) divisions reported positive results for the first half of 2022 (Cartier)

The agreement between Richemont and Farfetch resulted in a value adjustment of 2.7 billion euros in the Swiss group's accounts. A small part of Yoox (3.2% of the capital) had meanwhile been entrusted to the businessman Mohamed Alabbar. These operations aimed to boost and energise the online sales strategy, which had not produced the expected results until this transition.

Over the period from April to June 2022, the Swiss group's online distribution activity had remained limited to a growth of +2% at constant rates. On the whole, and despite this "functional" fall linked to an accounting effect expected at the time of the sale of Yoox-Net to Porter, Richemont is doing very well: turnover climbed by +24% for total sales corresponding to 9.6 billion euros, between April and September 2022.

The best performing sector was Fashion and Accessories, with sales growth of +27%, led mainly by Chloé, Montblanc and Peter Millar.

Sales results were also excellent for Jewellery (+24%) and Watches (+22%). These two divisions, which constitute the DNA of the group, saw the price of their products increase by 4% to 8% over the past summer, in response to inflation.

Things are also changing within the group's management and its executive committee.  Patricia Gandji has just been appointed to the board as Chief People Officer and CEO of the regions. She started her role at the end of last week. With international experience in the luxury goods industry, Patricia Gandji joined Richemont in 2007, holding several senior positions at Cartier, including Managing Director Europe, Middle East and Africa in 2014.

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