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Compagnie Financiere Richemont SA (CFRJ.J)

CFRJ.J on Johannesburg Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Richemont CFO says wants to focus on developing own jewellery brands
Friday, 8 Nov 2019 

Nov 8 (Reuters) - Compagnie Financiere Richemont SA ::CFO SAYS WANTS TO FOCUS ON DEVELOPING ITS OWN JEWELLERY BRANDS VAN CLEEF, CARTIER, NOW ALSO BUCCELLATI.CFO SAYS HONG KONG REMAINS AN IMPORTANT MARKET FOR US, LOOKING AT LOWERING RENTAL COSTS THERE.CFO SAYS NOT ACTIVELY DEFINING ACQUISITION TARGETS, BUT WE HAVE RARELY BUILT BUSINESS FROM SCRATCH.CFO SAYS HAVE ALWAYS BEEN OPEN TO ACQUISITION ACTIVITY, WILL SPEND MONEY WHEN WE SEE AN OPPORTUNITY.CFO SAYS HAS NEVER SOLD STOCK TO FINANCE AN ACQUISITION, DOESN'T WANT TO SPECULATE ABOUT THE FUTURE.CFO SAYS NO PLANS TO ABANDON HONG KONG MARKET THAT IS ALSO IMPORTANT FOR LOCAL CLIENTELE.CEO SAYS STILL MONITORING WATCH INVENTORY LEVELS AT THIRD-PARTY RETAILERS VERY CLOSELY.CEO SAYS SELL-OUT OF WATCH BRANDS HIGHER THAN SELL-IN, STOCK LEVELS ARE GOING DOWN.CEO SAYS NO PLANS TO CUT JOBS IN WATCH BUSINESS.CFO DECLINES TO COMMENT ON WHETHER COMPANY HAS HIRING FREEZE IN PLACE.  Full Article

Richemont says confident for jewellery business in H2
Friday, 8 Nov 2019 

Nov 8 (Reuters) - Richemont ::CFO SAYS JEWELLERY BRANDS HIT BY HONG KONG SLOWDOWN IN Q2, BUT CONFIDENT ON HIGH JEWELLERY PERFORMANCE IN SECOND HALF.CFO SAYS ON TRACK TO REACH EBIT-NEUTRAL POSITION ON ONLINE DISTRIBUTORS.CFO SAYS HIGH JEWELLERY INVOICING WILL HAPPEN IN H2.CFO SAYS HONG KONG MARKET VERY EXPOSED TO WATCHES AND JEWELLERY, SAW "SEVERE DROP" IN Q2.CFO SAYS INVESTMENTS AT ONLINE DISTRIBUTORS WERE PLANNED, NO NEGATIVE SURPRISE THERE.CEO SAYS WILL KEEP BUYING VARIOUS WATCH COMPONENTS FROM SWATCH GROUP, BUT RICHEMONT NOW MAKES MOST OF ITS MOVEMENTS.CEO SAYS CAN ADAPT TO SITUATION WHATEVER SWATCH GROUP'S POLICY WILL BE NEXT WEEK AFTER SUPPLY AGREEMENT WITH COMPETITION WATCHDOG WEKO EXPIRES.  Full Article

Richemont Says It Acquires Italian Jewellery Maison Buccellati
Friday, 27 Sep 2019 

Sept 27 (Reuters) - Compagnie Financiere Richemont SA ::RICHEMONT ACQUIRES BUCCELLATI.HAS ACQUIRED 100% OF BUCCELLATI HOLDING ITALIA S.P.A., OWNER OF BUCCELLATI, RENOWNED ITALIAN JEWELLERY MAISON.TRANSACTION CLOSED ON 26 SEPTEMBER 2019 AND WILL HAVE NO MATERIAL FINANCIAL IMPACT ON RICHEMONT'S CONSOLIDATED NET ASSETS OR OPERATING RESULT FOR YEAR ENDING 31 MARCH 2020.  Full Article

Richemont Sees Alibaba JV Operational At End Of September
Wednesday, 11 Sep 2019 

Sept 11 (Reuters) - CFR chairman at AGM::BREXIT, GEOPOLITICAL TENSIONS HAVE POTENTIAL TO SIGNIFICANTLY HARM OUR INDUSTRY.WATCH BRANDS NOW IN BETTER POSITION THAN MANY COMPETITORS THANKS TO STOCK BUYBACKS.EXPECTS JOINT VENTURE WITH ALIBABA TO BECOME OPERATIONAL AT END OF THIS MONTH.GROUP'S STRONG BALANCE SHEET AND STAFF WILL HELP "TO SEE US THROUGH THESE UNEASY TIMES AND ACHIEVE OUR LONG-TERM AMBITIONS".  Full Article

Richemont’s Eric Vallat To Step Down For Personal Reasons -Statement
Tuesday, 10 Sep 2019 

Sept 10 (Reuters) - Compagnie Financiere Richemont SA ::RICHEMONT ANNOUNCES THAT MR ERIC VALLAT, HEAD OF FASHION & ACCESSORIES MAISONS, WILL STEP DOWN FROM HIS CURRENT POSITION AND FROM SENIOR EXECUTIVE COMMITTEE FOR PERSONAL REASONS.CHANGE IS EFFECTIVE 26 OCTOBER 2019.  Full Article

Richemont CFO says focus on managing sell-in will remain in H2
Friday, 9 Nov 2018 

Nov 9 (Reuters) - Compagnie Financiere Richemont SA ::CFO SAYS HAD DOUBLE-DIGIT GROWTH AT YNAP IN H1 AND THAT IS GOOD INDICATOR OF WHAT TO EXPECT IN THE FUTURE.CFO SAYS NOT HUNTING FOR ACQUISITIONS AT THE MOMENT, HAS A LOT ON ITS PLATE WITH INTEGRATION OF YNAP AND WATCHFINDER.CFO SAYS FOCUS ON MANAGING SELL-IN AS COMPARED TO SELL-OUT WILL REMAIN IN H2.CFO SAYS INVENTORY INCREASE WAS PLANNED, EXPECTS INVENTORY TO GO DOWN IN H2.  Full Article

Richemont says October sales back on H1 level after dip in September
Friday, 9 Nov 2018 

Nov 9 (Reuters) - Compagnie Financiere Richemont SA ::CFO SAYS TRADING IN ASIA PACIFIC WEAKER IN SEPTEMBER THAN IN PREVIOUS MONTHS DUE TO VARIOUS FACTORS, INCLUDING WEATHER AFFECTING REGIONAL TOURISM.CFO SAYS EXPANSION OF GROUP SALES IN OCTOBER WERE AGAIN IN LINE WITH PREVIOUS MONTHS.CFO SAYS STILL CLOSELY MONITORING SELL-IN OF WATCHES.CFO SAYS DUNHILL SALES NO LONGER DECLINING.CFO SAYS DUNHILL NOT PROFITABLE YET.CFO SAYS GROUP IS INTENTIONALLY MAINTAINING SLIGHT UNDERSUPPLY OF WATCHES IN THE MARKET.CFO SAYS HAS SEEN HEALTHY TREND IN RETAIL CHANNEL FOR WATCHES IN SEPTEMBER AND OCTOBER.CFO SAYS QUITE HAPPY WITH DOMESTIC CHINESE CONSUMPTION OVER THE LAST TWO YEARS, IT REMAINS STRONG.CFO SAYS BUSINESS WITH CHINESE TOURISTS IN EUROPE ALSO DEPENDS ON EXCHANGE RATES.CFO SAYS CHINESE GOVERNEMENT HAS SIGNALLED RECENTLY INCREASED BORDER CONTROLS, WANTS DEMAND TO COME ONSHORE INTO CHINA.CFO SAYS ACQUISITION-RELATED CHARGES IN H1 MOSTLY RELATED TO AMORTISATION OF INTANGIBLE ASSETS AT ONLINE DISTRIBUTORS.CFO SAYS SHARE OF ONLINE SALES FOR ITS WATCHES AND JEWELLERY STILL IN LOW SINGLE-DIGIT AREA.CFO SAYS SEES MEANINGFUL OPPORTUNITIES TO GROW LEATHER CATEGORY ORGANICALLY, M&A NOT ON TOP OF THE AGENDA TODAY.CFO SAYS WATCH WHOLESALE NUMBERS REFLECT SELL-IN, SELL-OUT TO CUSTOMERS IS ACTUALLY HIGHER, CLOSER TO TRENDS SEEN IN RETAIL.  Full Article

YNAP: Richemont Reports 3.3 Pct Of Share Capital Tendered In Sell-Out Procedure
Wednesday, 13 Jun 2018 

June 13 (Reuters) - YNAP ::RICHEMONT REPORTS 3.3 PERCENT OF SHARE CAPITAL WAS TENDERED IN SELL-OUT PROCEDURE.RICHEMONT TO OWN 98.4 PERCENT OF YNAP AT END OF SELL-OUT PERIOD.  Full Article

Compagnie Financiere Richemont SA CFO Says Sees Second-Watches As An Emerging Market
Friday, 18 May 2018 

Compagnie Financiere Richemont SA ::CFO SAYS HAPPY WITH CURRENT LEVEL OF INVENTORY AT TRADE PARTNERS.CFO SAYS INVENTORY BUY-BACKS LIKELY OVER.COO SAYS NEW BAUME BRAND WILL ALLOW TO APPROACH NEW CLIENTELE.CARTIER CEO SAYS HONG KONG MARKET HAS SEEN V-SHAPED RECOVERY SINCE SUMMER THANKS TO LOCALS AND MAINLAND CHINESE.CFO SAYS STILL IN TALKS WITH ITALIAN LEATHER GOODS COMPANY ON LANCEL.CFO SAYS SEES MEANINGFUL OPPORTUNITY TO GROW IN LEATHER GOODS, MAINLY ORGANICALLY.CFO SAYS BUSINESS TRENDS SINCE APRIL 1 SIMILAR TO FINAL QUARTER OF FISCAL 2017/18.CFO SAYS TO DECIDE ON TECHNOLOGY SETUP, INCLUDING MANAGEMENT ISSUES, AFTER ACQUIRES FULL CONTROL OF YNAP THIS SUMMER.CFO SAYS SEES SECOND-WATCHES AS AN EMERGING MARKET.CFO SAYS SEES SECOND-HAND WATCHES AS AN EMERGING MARKET.  Full Article

Piquadro Starts Exclusive Negotiations With Richemont For Potential Acquisition Of Lancel
Tuesday, 13 Mar 2018 

March 13 (Reuters) - PIQUADRO SPA ::STARTS EXCLUSIVE NEGOTIATIONS WITH RICHEMONT FOR POTENTIAL ACQUISITION OF LANCEL.IF DUE DILIGENCE IS POSITIVE AND FINAL AGREEMENT IS REACHED, THE OPERATION SHOULD BE FINALIZED BY END OF H1.  Full Article

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Breakingviews - Richemont jewellery wealth dazzles Tiffany suitors

MILAN (Reuters Breakingviews) - Richemont offers a sparkling vision to Tiffany & Co’s suitors. Though the Swiss group on Friday reported disappointing results, the power of its Cartier and Van Cleef & Arpels brands shone through. The high-end jewellers convert an impressive third of their revenue into operating profit. That gives luxury rival LVMH a target as it pursues a possible takeover of the American group.