Revenue among jewellery brands, including Cartier, Van Cleef & Arpels, and Buccellati, reached €16.54 billion ($AUD26.84 billion) for the year ended 31 March. Addressing the impact of conflict in the Middle East and other adverse economic factors, Richemont chair Johann Rupert told reporters that market disruption was nothing new.
“Our cash flow this year was dramatically up. And we’re relatively relaxed about the next 18 to 24 months,” he said.
“I think we’re going to have to start thinking of the turbulence in the world as the new norm. We just lay low, try to be conservative, and have a clean balance sheet.”
Rupert also dismissed speculation that Richemont was considering selling its Jaeger-LeCoultre brand following an agreement to sell its Baume & Mercier brand to Italy's Damiani Group.
"There is no way it could ever have been contemplated. Don't believe it," Rupert said.
Meanwhile, sales among watch brands, including A. Lange & Söhne, Piaget, and Vacheron Constantin, declined by 4 per cent to €3.14 billion ($AUD5.10 billion).
Group sales for the full year increased by 5 per cent to €22.42 billion ($AUD36.41 billion), while profit increased by 27 per cent.
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