In spite of the crisis, the glamour keeps growing.
Luxury industries were not affected so far by the global economic crisis, as highlighted today the president of the Swiss group Richemont, Johann Rupert, in a statement issued on the occasion of the annual meeting of shareholders.
The main business “of the luxury market”, in which Richemont has a dominant position, has not been affected by the current financial turbulence, said Rupert, quoted by the statement.
Richemont, number two in the world luxury market (after the French LVMH), announced to its shareholders an increase of 11% of its sales in the first five months of its financial year 2008-2009, which began in April, but refrained from specify the exact amount of the operations.
He specified however that the billing was based primarily on the jewelry sector, with a turnover increase of over 13% for insignia as Cartier and Van Cleef and Arpels. Richemont invoiced in the first quarter of the year 1,428 million, an increase of 13%, through the impetus of its sales in the Asia-Pacific region.
The group is however cautious about changing their business in the short term, arguing that “the impact of the global financial crisis, high inflation and escalating materials prices is difficult to predict.”
Rupert even detected “signs of slowdown” in the market to focus on the luxury market. But Richemont, which in August announced a major restructuring, said that whatever the drawbacks in the short term, the company “will continue to flourish and expand in the long term”.