Richemont reported a 51% fall in six-month profit to €540 million ($599 million). Sales fell 13% to €5.1 billion. In September, Richemont had warned profit would be down about 45%.
“Sales and profits for the six-month period ended Sept. 30, 2016 were significantly below the prior year’s level, reflecting the difficult global environment, the exceptional inventory buybacks and challenging comparative figures in the first half of the previous financial year,” Executive Chairman Johann Rupert said in a statement.
The global luxury goods sector is expected to grow more slowly in 2016, at a rate many retailers may find disappointing, according to the third “Global Powers of Luxury Goods” report just released by Deloitte Touche Tohmatsu, which examines and lists the 100 largest luxury goods companies globally, and provides an outlook on the global economy, an analysis of merger and acquisition activity in the industry and discusses the key forces shaping the luxury market.
LaFerrari Aperta has made its first appearance in public at the Paris Motor Show on Thursday, the droptop version of the brand’s hybrid hypercar launched in 2013.
Ferrari sales head Enrico Galliera said to Reuters that it will be limited to 209 special edition cars, 200 of which have already been pre-sold while the remainder will be kept in house for anniversary celebrations and added: “For us a limited edition is a way to reward our clients".
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