Compagnie Financiere Richemont SA (CFR.S)
16 Nov 2018
Fri, Nov 9 2018
LONDON European shares slipped on Friday as mining and oil stocks sold off and weak results from Thyssenkrupp and Richemont weighed on sentiment.
* Luxury stocks suffer from weak Richemont results (Updates prices, adds details)
* Sales slowed in September, but October back to H1 level -CFO
* CFO SAYS HAD DOUBLE-DIGIT GROWTH AT YNAP IN H1 AND THAT IS GOOD INDICATOR OF WHAT TO EXPECT IN THE FUTURE
* CFO SAYS TRADING IN ASIA PACIFIC WEAKER IN SEPTEMBER THAN IN PREVIOUS MONTHS DUE TO VARIOUS FACTORS, INCLUDING WEATHER AFFECTING REGIONAL TOURISM
ZURICH, Nov 9 Luxury goods group Richemont said economic and geopolitical uncertainties were weighing on customer sentiment after net profit fell, excluding a one-off gain, in the six months to Sept. 30 and sales growth slowed towards the end of the period.
ZURICH Cartier-owner Richemont is teaming up with Alibaba to try to crack China's online shopping market, potentially a major growth driver for luxury firms but which has proven difficult to tackle for outsiders going it alone.
* Comes as Alibaba seeks inroads in luxury industry (Writes through with China context, adds quotes)
ZURICH, Oct 26 Swiss luxury group Compagnie Financiere Richemont SA and Chinese group Alibaba are joining forces to target the Chinese retail market, Richemont said on Friday.
MILAN Cartier-owner Richemont is considering buying Italian jeweler Buccellati from the Chinese group that acquired it in 2017, an Italian newspaper reported on Monday.
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