CFRUY Stock Recent News

Inflation-pressured consumers tend to cut back on their luxury purchases.  At least, that's what PYMNTS Intelligence data has found.

Swiss watch seller Compagnie Financière Richemont on Thursday reported a sharp uptick in its revenues in the final three months of 2023, driven by surging jewelry sales in China and Japan which offset a drop in sales in Europe.

Cartier jewellery owner Richemont reported a 4% in sales during its third quarter on Thursday, as the world's second-largest luxury group became the latest company in the sector to post a slowdown in demand.

Cartier-owner Richemont on Monday said it had scrapped an agreement to sell part of its online fashion and accessories business Yoox Net-A-Porter (YNAP) to online luxury retailer Farfetch Holdings.

Cartier owner Richemont reportedly has no intention of investing in luxury retailer Farfetch. The company made that announcement Wednesday (Nov. 29) following the news that Farfetch could be considering becoming a private company, Reuters reported.

Farfetch Limited (NYSE:FTCH) shares sunk further on Wednesday after luxury conglomerate Richemont said it will not inject any cash into online luxury retailer amid reports that the latter is exploring going private. Farfetch founder Jose Neves is reportedly considering the move after a troubled New York Stock Exchange listing for the British company.

Cartier-jewellery owner Richemont on Wednesday said it was "carefully monitoring" the situation after Farfetch's FTCH.N founder said he was considering taking the online luxury retailer private.

Number 1 in hard luxury category. 27 luxury maisons with histories stretching back to 1755. P/E of 14x (historical average of 21x).

Compagnie Financiere Richemont SA (OTCPK:CFRHF) Q2 2024 Earnings Call Transcript November 10, 2023 3:30 AM ET Company Participants Sophie Cagnard - Corporate Communications and IR Director Burkhart Grund - CFO Jerome Lambert - CEO Cyrille Vigneron - Cartier CEO Johann Rupert - Chairman Conference Call Participants Louise Singlehurst - Goldman Sachs Thomas Chauvet - Citi Research Zuzanna Pusz - UBS Luca Solca - Bernstein Antoine Belge - BNP Paribas Exane Edouard Aubin - Edouard Aubin Jon Cox - Kepler Cheuvreux Thierry Cota - Societe Operator Ladies and gentlemen, welcome to the Richemont Full Year '24 Interim Results Presentation. I am Alice, your call operator.

Shares in Richemont led Europe's luxury goods sector lower on Friday, after the Swiss-based group said geopolitical angst and a weakening European economy had delivered lower than expected first-half profits.