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Compagnie Financiere Richemont SA CFR Stock Quote

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Morningstar‘s Stock Analysis CFR

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Economic Moat


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Richemont's Jewellery and Watch Businesses Shine Even As Macroeconomic Backdrop Toughens

Jelena Sokolova, CFA Senior Equity Analyst

Business Strategy and Outlook

| Jelena Sokolova, CFA |

Wide-moat Richemont is the number-three global luxury goods conglomerate by revenue. Over the years, the group has amassed and developed a portfolio of very successful global brands, mostly in the hard luxury segment. Despite more pronounced cyclicality, hard luxury goods benefit from much longer product cycles and lower fashion risk. Most of the group’s brands are at least a century old, have iconic collections lasting 40-80 years, and have historically commanded significant pricing power. Prices of more than $5,000 for most of Richemont’s watch brands and the prestige value attached to them protect the group’s watch business from the emerging technological disruption. Additionally, control over distribution and higher entry barriers in the jewellery business, along with diversification by brand, give us confidence that the company will be able to generate economic profits well into the future, despite cyclicality.

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Key Statistics CFR

Company Profile CFR

Business Description

Richemont is a luxury goods conglomerate with 20 brands. Jewellery and watch brands make up over 70% of sales, but the group is also active in accessories, writing instruments, clothing and online luxury retail. Richemont’s Jewellery Maisons, including Cartier and Van Cleef & Arpels, account for 58% of revenue and over 86% of profits. Its other brands include Vacheron Constantin, Piaget, Jaeger-LeCoultre, IWC Schaffhausen, Lange & Soehne, Officine Panerai, and Montblanc.

50, Chemin de la Chenaie, CP 30
Geneva, 1293, Switzerland
T +41 227213500
Industry Luxury Goods
Most Recent Earnings
Fiscal Year End Mar 31, 2023
Employees 35,853

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