September 10, 2018 / 8:37 AM / 11 days ago

Richemont chairman says group has ample liquidity and flexibility

GENEVA (Reuters) - Luxury goods group Richemont (CFR.S) has ample liquidity and financial flexibility after raising 4 billion euros ($4.63 billion) in capital markets this year, its chairman and controlling shareholder told the group’s annual general meeting on Monday.

“We raised 4 billion euros in the capital market at what we believe to be very attractive rates. We do feel we have ample liquidity and flexibility,” Johann Rupert said, adding the proceeds had been used to finance the acquisitions of online distributors Yoox Net-a-Porter (YNAP) and Watchfinder.co.uk.

Rupert said a strong presence in the digital channel was becoming critically important to serve the group’s customers and it was still looking to establish how the online distributors could best work with the other parts of the group to drive benefits.

Reporting by Silke Koltrowitz; Editing by Maria Sheahan

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