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Burberry and Richemont Group post better than expected results
News 20 January 2010
The new year seems is finally bringing some good news for the troubled luxury industry with BURBERRY and RICHEMONT GROUP reporting better than expected results.
BURBERRY turnover rose by12% to GBP 380 million (EUR 433 million) for the period of October - December 2009. Analysts initially predicted an average 3% growth for the period and the actual increase has been of 5%.
The world's second luxury group RICHEMONT (Cartier, Mont Blanc, IWC, Chloe) also reported an unexpected 2% sales increase, the growth being registered by its main brands Cartier and Montblanc.
Earlier this week, Richemont made an offer for Rodenstock, with the intention of getting a majority stake. Banks are demanding fresh equity Rodenstock as the Munich-based eyeglass-frames maker seeks to renegotiate its debt.
Richemont Group also made headlines at the end of 2009 with rumours indicating a potential take over of Italian luxury brand PRADA. Last year, Prada approached Richemont about a possible partnership, but the brand was turned down because of its USD 3.8 billion price tag and USD1.7 billion debt.