FY Results – Luxury goods company Richemont had its best-ever year based on revenue, up 19% at actual exchange rates and by 14% at constant exchange rates to just below €20 billion. The direct-to-consumer business accounted for nearly 75% of group sales. Operating profit reached a record high of just over €5 billion, with an operating margin expansion from 22.4% to 25.2%. Profit for the year from continuing operations rose by 60% to €3.9 billion. Richemont faced significant losses of €3.4 billion from discontinued operations related to its online initiative. The Jewellery Maisons segment achieved a 16% sales increase, generating €13.4 billion in revenue. The Specialist Watchmakers segment achieved 56% of sales through direct channels, with an 8% revenue growth and €3.9 billion in revenue. The Fashion & Accessories segment saw a 19% revenue increase to €2.7 billion. Sales growth in the Asia Pacific region was limited, but the rebound in China is expected to drive future sales growth.
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