Currency effect lifts Richemont profits
The Swiss luxury goods group Richemont, which owns brands such as Cartier and Jaeger-LeCoultre, reports that first-quarter net profit jumped by 52 percent to 1.087 billion euros, in line with expectations.
The group's luxury brands "benefited from favourable exchange rates effects, successful product launches as well as strong pricing power," Richemont said in a statement released on Friday.
Richemont also announced the nomination of Bernard Fornas and Richard Lepeu as joint chief executive officers from April 1st, 2013 in place of Johann Rupert, the group's founder, who is to remain president.
The Geneva-based company said its core operating profit gained 28 percent to 1.38 billion euros in the three-month period that ended on September 30, the first quarter of its fiscal year, on sales that rose 21 percent to 5.11 billion euros.
The group's profit margin improved by 1.5 percentage points to 27 percent.
Some of the group's other well-known brands are Van Cleef & Arpels, Piaget, Vacheron Constantin, and Montblanc.