Richemont Business Booms in Asia – Cartier and Piaget Growing in China

• Richemont SA (CFR VX) is the second largest maker of luxury goods in the world.
• The company owns a number of luxury brands including; Cartier, Piaget, IWC, Alfred Dunhill, Van Cleef, Montblanc, Chloe, and many others
• Richemont reported that first half net income hit plan and boosted sales assumptions for the second half of the year.
• First half sales growth was up 29% and in the month of October, sales are up 28% – so essentially no slowdown.
• The Asia-Pacific region was up 48% and distribution expansion related to China is driving growth
• Cartier and Piaget have been particularly strong brands (from a growth rate standpoint)

Tags: Asia, Cartier, CFR, CFR.VX, China, Chloe, Dunhill, IWC, luxury, Montblanc, Piaget, Richemont, Van Cleef