Jewellery Maisons Performance
Sales increased to EUR7.1 billion, up by 2% in the first half of the year. At constant exchange rates, sales were up by 4%. The Jewellery Maisons generated an operating result of EUR2.3 billion with a 32.9% operating margin.
Regional Growth
The Americas, Japan, and Middle East and Africa all posted double-digit growth. The Americas saw a 12% sales growth in Q2, with the U.S. being the largest individual market for the group.
Strategic Developments
Richemont finalized the acquisition of the Italian Jewellery Maison Vhernier and announced the signing of an agreement for Mytheresa to acquire 100% of YNAP.
Strong Balance Sheet
Net cash position remained solid at EUR6.1 billion despite a EUR1.7 billion dividend payment.
Manufacturing Investments
The group made further investments in manufacturing capacity for Jewellery Maisons by opening, acquiring, or expanding facilities to support higher sales.