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Richemont Hit Hard by Slowdown
Richemont posted a 2% sales increase for the year ended 31 March, reflecting 10% growth in the first half followed by a 5% decline in the second half. A modest slowdown in the U.S. during the year's first six months (revenue down 1.8%) became a rout as the year progressed: revenue plunged 22.8% in the Americas from October 2008 through March 2009 compared with the same period a year earlier, according to exclusive analysis by LuxuryBrandNetwork.com. . . . keep reading
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Organic-Pioneer Bamford Seeks Luxe Investors
(Source: Financial Times)
British eco-friendly designer Bamford is looking to sell or partner with an investor to help expand into new markets, reports the Financial Times, and major luxury players including LVMH and Richemont are showing interest. . . . keep reading
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Richemont to Quit Tobacco Habit
(Source: Financial Times)
In a long-anticipated move to position Richemont as a "pure-play" luxury stock, the company unveiled plans to shed its 19.4% ownership stake of British American Tobacco (BAT). . . . keep reading
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