The Richemont group announces record profit, proof of the vitality of luxury – rts.ch

Luxury is on the rise and the Richemont group, owner of the Cartier brand, among others, is a good illustration of this phenomenon. Its 2021-2022 results are up sharply, with a net profit of more than two billion francs.

The turnover for the financial year ended at the end of March amounted to just over 19.7 billion francs, a jump of 46% over one year, a result qualified as “record”, indicates Friday the Richemont group , headquartered in Bellevue (GE).

Net profit improved by 61% to more than 2 billion francs, results above analysts’ expectations. Whether for jewelry, the jewelry division, or for watchmaking, which includes Vacheron Constantin, all the indicators are looking good.

Beyond pre-crisis levels

Compared to its 2019-2020 financial year, a period very affected by the pandemic, sales increased by 35%, thus clearly exceeding its pre-crisis levels.

The figures of the day were not to the taste of investors. At 11:50 a.m., the Richemont title fell 12.2% to 92.82 francs, suffering by far the heaviest loss among the key values ​​grouped within the SMI, which expanded by 0.48%.

139 million for a car

After two years of the coronavirus crisis and the war in Ukraine, luxury goods are on the rise. A 1955 Mercedes was sold at the beginning of May for 139 million francs, an absolute world record for a car at auction.

>> To read also: A 1955 Mercedes sold for 135 million euros at auction

On May 9, a portrait of Marilyn Monroe painted by Andy Warhol was bought for the sum of 190 million francs, the most expensive new work of art from the 20th century ever sold at public auction.

>> To read also: A portrait of Marilyn Monroe by Warhol reaches an auction record

Limit financial risks

Not to mention the “Raptor”, this skeleton of a dinosaur more than three meters long, sold for 12 million francs.

Art market, luxury, this type of goods, tangible and physical, are snapped up today. Investors seek such investments to limit the risks associated with inflation or stock market fluctuations.

Radio subject: Dominique Choffat

Web adaptation: mh with ats

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