To the Moon and Back: Swatch 2023 Profits Disappoint Financial Markets
Swatch Group, famous for its popular MoonSwatch models, had a hard landing in 2023 as the Swiss franc strengthened and consumer demand softened.
Source: wwd.com
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Luxury group Richemont's sales jump in China while Europe slips
ZURICH (Reuters) -Cartier jewellery owner Richemont painted a mixed picture of the luxury sector in its latest results on Thursday, reporting a sales decline in Europe but a big increase in China. The Swiss-based company said sales in constant currencies, which remove foreign exchange fluctuations, fell 3% in Europe as higher sales to Chinese tourists and domestic customers failed to compensate for lower spending by travellers generally, particularly from the United States. Sales increased by 25% in China, including Hong Kong and Macau, the company said, countering concerns about a slowdown ...
Source: yahoo.com
RICHEMONT : Bernstein maintains a Buy rating -January 18, 2024 at 04:31 am EST
In his latest research note, analyst Luca Solca confirms his positive recommendation. The broker Bernstein is keeping its Buy rating. The target price continues to be set at CHF 153.
Source: marketscreener.com
Richemont shares surge following boom in Cartier owner's sales to China
The Swiss firm reported an 8% uptick in revenues driven by surging sales in China and Japan
Source: marketwatch.com
Watches of Switzerland shares dive by a third after revenues warning
UK’s biggest Rolex and Omega seller becomes latest luxury retailer to be hit by switch in spending by aspirational shoppers
Source: theguardian.com