The Swiss luxury group, owner of Cartier, Chloé and Van Cleef & Arpels, recorded a net loss of 766 million euros in the first half, against a profit of 1.2 billion last year. A result linked to the sale of its online sales activities.
A strategic alliance with Farfetch.
The Swiss group unveiled in a press release its results for the first six months of the year 2022. It shows a net loss of 766 million euros for this period, which is explained by the cessation of its sales activities. on line. Last August, Richemont announced that it would sell part of the capital of Yoox – Net A Porter to Farfetch (47.5% of the shares) as well as to businessman Mohamed Alabbar (3.2%). The press release warns, however, that the transaction would lead to a value adjustment of 2.7 billion euros in its accounts.
This initiative aims to stimulate the platforms of Yoox – Net A Porter: over the period from April to June, Richemont’s “Online Distributors” activity was in fact limited to growth of +2% at constant rates. “The initial phase of the transaction is expected to be completed before the end of calendar year 2023. At that time, our Houses will adopt Farfetch’s technology to create the best route-to-market and thus embody their Luxury vision New Retail”announces the CEO, Johann Rupert, in the press release published on November 11.
The group’s fashion and accessories division is growing strongly.
More generally, according to the rest of the figures released, the turnover of the Swiss group jumped 24%, to more than 9.6 billion euros for the period between April and the end of September.
In detail by sector, the strongest increase concerns the group’s Fashion and Accessories division, with sales up 27%. Chloé, Montblanc and Peter Millar, including G/FORE, contributed the most to the increase in turnover in value terms. Jewelery (+24%) and watches (22%) remain the heavyweights, with respective growth of 24% and 22%.