Credit: Chloe

Gross profit for the period was €6.77 billion, down by 3% year-on-year, with a margin of 67.2%. Profit for the period totalled €457 million, down from €1.5 billion in the same period of 2023.

Richemont notably sold its stake in Yoox Net-A-Porter (YNAP) to Mytheresa in October after continuing losses.

All regions had growth for the company, except for Asia Pacific. Europe was up by 4% at actual exchange rates, while the Americas grew by 10%. The Middle East & Africa had an improvement of 11%.

However, Asia Pacific sales were down by 19% year-on-year, with growth in countries including Japan, South Korea and Malaysia offset by a double-digit drop for China.

Retail sales for the first half of the year were up by 2% at constant exchange rates and accounted for 70% of total sales. Online retail sales made up 6% of total sales, excluding YNAP. Wholesale sales were down by 7%, primarily due to reductions in Asia Pacific.

Chairman Johann Rupert said: “In the first six months of the financial year, Richemont demonstrated sustained resilience, against a challenging macroeconomic and geopolitical backdrop, supported by ongoing investment in our distribution and manufacturing capacities.”