Richemont books record sales, brings back group CEO position
Swiss-based luxury goods group Richemont , which is chaired by Johann Rupert, reported on Friday growth across its geographies helped lift sales to a record high in 2024, leaving it with a R146 billion net cash pile that exceeds the market value of Absa.
Sales rose 3% to €20.6 billion at actual exchange rates in the year to end-March, the owner of Cartier and Van Cleef & Arpels said on Friday, with profit for the year jumping almost eightfold to €2.35 billion. In constant-currency terms, group sales were up 8%, while its net cash pile picked up almost 14% to €7.4 billion.
In its 2024 year, it wrote down its struggling luxury e-commerce platform Yoox-Net-A-Porter , which is held for sale, by €1.3 billion, but in the prior year the non-cash write-down for the business amounted to €3.4 billion. South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
R3.3 billion payday for South Africa’s richest manSouth Africa’s richest man, Johann Rupert, will receive billions through his major shareholding in Richemont.
Read more »
Who is Johann Rupert – the chairman of Richemont?Johann Rupert is known for being a South African billionaire businessman with significant holdings in luxury goods and finance...
Read more »
Naspers and Prosus appoint new CEOProsus and Naspers appointed Fabricio Bloisi as chief executive officer, replacing interim CEO Ervin Tu.
Read more »
Takealot owner appoints new CEONaspers has found a permanent replacement for Bob van Dijk, with the new CEO leading one of the fastest-growing start-ups in Brazil.
Read more »
Naspers names head of Brazil's iFood Fabricio Bloisi as its new group CEONaspers names head of Brazil's iFood Fabricio Bloisi as its new group CEO
Read more »
Fabricio Bloisi is new Naspers and Prosus CEOFabricio Bloisi will replace Bob van Dijk as group CEO of Naspers and its European-listed spinoff, Prosus.
Read more »