Richemont SA announced that its sales in the first half of the year continued to strengthen, as well as that it is in negotiations with Farfetch, regarding the sale of the e-commerce platform Yoox-Net-A-Porter.
The Swiss luxury goods group announced sales of 8.91 billion euros for the six months to September 30, 65% higher on an annual basis and 20% higher in the corresponding period two years ago, before the pandemic.
Analysts expected 8.57 billion euros in first-half sales.
Operating income rose 67% in two years to 1.95 billion euros, easily exceeding analysts’ estimates.
Net profits amounted to 1.25 billion euros.
The company also stressed that it is in negotiations with the American e-commerce clothing company Farfetch regarding YNAP, which recorded an increase in losses in the first half despite the higher sales.
The goal is for UNAR to become a “neutral platform” without a major shareholder, Richemont said.
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Source From: Capital
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