CFRUY Stock Recent News

European authorities have approved online luxury retailer Farfetch's purchase of a stake in rival Yoox Net-A-Porter from Richemont in the last regulatory approval needed, the owner of Cartier said on Monday.

Richemont acquires a majority stake in Gianvito Rossi, diversifying its businesses in the luxury market. European Union antitrust authorities will decide on the Farfetch/YNAP merger. Richemont's stock price decline presents a buying opportunity with an attractive valuation (vs. the sector) and growth projections, given the company's upside on a more aggressive pricing policy for 2024.

Luxury retail stocks, such as brands LVMH (MC.PA), Kering (KER.PA), and Richemont (CFR.SW), have fallen off tremendously, reversing their year-to-date profit gains. Morgan Stanley analysts have decreased the price targets for both Kering and LVMH, and additionally downgraded Richemont to an "Equal Weight" rating.

Swetha Ramachandran, fund manager at Global Equities Artemis, discusses the luxury sector and what moves brands such as Gucci, Richemont and LVMH are making.

Bullish stock picks are as rare as a diamond and sapphire-set Rolex Submariner, if Jefferies' relaunched luxury coverage is anything to go by. The investment bank kicked off its coverage with just two buys, while suggesting that sector growth in 2024 will be 9% below consensus.

Tapestry, Inc. (TPR) the parent company of brands such as Coach and Kate Spade, has acquired Capri Holdings Limited (CPRI), home to brands Versace, Jimmy Choo, and Michael Kors, in a deal worth about $8.5 billion. Here are some of the lesser known parent brands of the world's biggest luxury brands.

Luxury goods company Richemont reported a 14% increase in Q1-24 revenue, but a 4% decline in the Americas led to a 10% drop in stock value. Despite the drop, the company is on track to achieve record sales of €21.0B for the year, with strong performance in Asia Pacific, Europe, and the Middle East & Africa. The company's high-performing Jewellery Maisons segment, including Buccellati, Cartier, and Van Cleef & Arpels, showed resilience, while other segments decelerated.

Exclusive Swiss retailer and owner of Cartier watches Richemont is the latest luxury large cap to feel the pinch of the diamond-encrusted jewell-buying elite. In a trading statement released on Monday, the Zurich-listed company saw a dramatic slowdown in Europe when comparing year-on-year performance.

Richemont reported a surprise drop in revenue from the Americas in the three months through June. The Swiss owner of Cartier led luxury-goods stocks lower amid concerns that demand in the US and China is starting to slip.

Richemont's turnaround story has reached an end, as the company fully recovered from the pandemic and the LVMH takeover threat evaporated. With a rejuvenated focus on execution, the company achieved record revenues and profits in FY23, and announced the divestiture of its unprofitable YNAP business. The company's future growth is expected to be steady, with continued execution in its Jewellery Maisons and Specialist Watchmakers segments, but improvement in the lagging Other businesses is doubtful.