The Swiss luxury giant Richemont has opened a research and innovation center in Microcity, Switzerland’s well-known think tank and laboratory.
The Richemont’s group research and innovation director, Edouard Mignon, said the partnership was intended to supplement the research and development teams of the brands, promote sharing among companies, “and serve as an innovation incubator for the group as a whole, to develop mechanical specialties and, for example, to imagine new materials.”
Swiss luxury goods group Richemont has reported a 12 per cent rise in sales in the five months to August 31 in constant currencies, boosted by jewellery and strong performances in China and Hong Kong.
Cartier owner Richemont has sold its Chinese luxury brand Shanghai Tang to Cassia Investments, the Consumer-focused Private Equity fund, in partnership with Italian fashion entrepreneur, Alessandro Bastagli, the company said on Monday.
No value for the deal was given but Richemont, which also owns jewellers Cartier, Van Cleef & Arpels and Piaget, but "The transaction will have no material impact on Richemont’s balance sheet, cash flow or results for the year ending 31 March 2018," Richemont said in a statement. The Swiss luxury group first acquired a stake in the retailer in 1998 before taking full ownership a decade later.
Richemont reported worse-than-expected results shortly before Friday’s open as the Geneva-based company said a volatile trading environment had caused its net profits to slip more than anticipated. However, the world’s second-largest luxury goods group noted an uptick in sales growth towards the end of its fiscal year, in large part attributable to easier comparisons and support from a sustainable recovery in mainland China, Reuters reported.
Sales at Richemont fell 4 percent at constant exchange rates in the year to March, missing expectations in a Reuters poll of analysts, but with a clear improvement in the second half thanks to a recovery in the United States and strong growth in China.
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