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HomeBusinessWhy did Richemont, parent of Paris based jewelry, accessory maker Cartier shares...

Why did Richemont, parent of Paris based jewelry, accessory maker Cartier shares rise? CWEB analyzes

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Bordeaux , Aquitaine France – 03 03 2021 : Cartier logo sign and brand text front of facade boutique fine jewelry watches bridal sets shop accessories and fragrances store

Richemont luxury group (CFRC)shares rose 6.3 percent on Friday as the parent of Paris-based Cartier and other jewelry and accessories brands reported record sales for the full year despite a slowdown in the Asia-Pacific region. The Swiss-based group has several brands, including Paris-based Cartier Van Cleef and Arpels, two popular brands for their exquisite jewelry and watches, and other popular brands that make watches, pens, leather goods, and other luxury items.

Richemont Group, which owns 14 brands, said its sales rose by 3 percent at actual exchange rates. The group reported approximately 20.6 billion euros in sales for the financial year ending March. This $22.38 billion is an all-time high at a time when luxury brands are facing lower sales. Its jewelry houses are based in Paris, and its direct boutiques contribute to about 69 percent of its sales.

OrganicGreek.com

Richemont has seen good sales in global markets that offset its slowdown in Asia-Pacific markets, mainly in the fourth quarter, which reported sales of 4.8 billion euros at actual rates. The $5.21 billion in sales for the quarter fell by 1 percent due to weakening sales in Asia-Pacific.

Richemont does not expect a quick recovery from the Asia-Pacific region and said that a rebound in sales will take time.

Richemont’s share price fell slightly later in the day after the market opened, but it rose 5.31 percent at 5.30 p.m. GMT on Friday. Other luxury groups and brands also saw share prices fall. LVMH declined 0.36 percent, Christian Dior fell 0.14 percent, Prada fell 2.11 percent, and Kering fell 2.70 percent in the same time period in London.

XMicro.com

At a time when several luxury goods makers, such as LVMH, Dior, Prada, and Kering, are seeing slowdowns and weak sales, the Swiss-based Richemont luxury goods group is seeing good sales from its Paris-based jewelry, watches, and accessories brands. So, Richemont receives a Buy rating from CWEB analysts.

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