Strong performance for the six-month period ended 30 September 2021


Richemont sales rose by strong double-digits across all business areas, channels and regions compared to the prior-year period. Sales also significantly exceeded pre-pandemic levels.

Compared to the six-month period ended 30 September 2020

  • Strong double-digit increases across Maisons, businesses and channels led to half year sales up by 63% at actual exchange rates to € 8 907 million, and by 65% at constant exchange rates
  • Triple-digit growth in the Americas, reaching sales levels close to Europe; substantial double-digit growth in the other regions
  • Significant improvements across all business areas, led by the Jewellery Maisons and Specialist Watchmakers
  • Group operating profit of € 1 949 million, leading to a 22% operating margin
  • Profit for the period rose to € 1 249 million
  • Cash flow from operating activities nearly doubled to € 1 781 million

Compared to the six-month period ended 30 September 2019

  • Sequential growth acceleration from first quarter to second quarter led to half year sales increases of 20% at actual exchange rates and 24% at constant exchange rates
  • Pre-pandemic sales levels exceeded in most business areas, channels and regions at actual and constant rates
  • Outstanding sales performance of Jewellery Maisons (+36% and +41% sales growth at actual and constant exchange rates, respectively); robust rebound of Specialist Watchmakers (+7% and +10%); consolidation of Other (-1% and +3%) and steady growth of Online Distributors (+8% and +11%)
  • Solid double-digit sales increases in the Americas, Asia Pacific and Middle East and Africa, with Europe and Japan seeing a gradual recovery
  • Robust double-digit sales growth in online and offline retail sales (74% of Group sales)

Key financial data (unaudited)

% change 2021

Six months ended 30 September




vs 2020

vs 2019


€ 8 907 m

€ 5 478 m

€ 7 397 m



Gross profit

€ 5 638 m

€ 3 165 m

€ 4 610 m



Gross margin




+550 bps

+100 bps

Operating profit

€ 1 949 m

€ 452 m

€ 1 165 m



Operating margin




+1 360 bps

+ 620 bps

Profit for the period

€ 1 249 m

€ 159 m

€ 869 m



Earnings per ‘A’ share/10 ‘B’ shares, diluted basis

€ 2.145

€ 0.281

€ 1.533



Cash flow generated from operating activities

€ 1 781 m

€ 926 m

€ 928 m



Net cash position

€ 3 153 m

€ 2 111 m

€ 1 770 m

Chairman’s commentary

Richemont has delivered an excellent set of results in the first six months of the financial year; a period marked by a volatile but improving “post-vaccination” environment. These results demonstrate the strength of our business model and the benefits of patient long term capital. Sales were 20% higher than the pre-pandemic levels of the six-month period ended 30 September 2019. On a year-on-year basis, sales increased by 65% at constant exchange rates and by 63% at actual exchange rates to € 8.91 billion leading to an operating profit of € 1.95 billion.

Region-wise, the Americas, Asia Pacific and Middle East and Africa generated robust double-digit sales increases over the six-month period ended 30 September 2019. This notable performance more than offset the softness seen in Europe and Japan where encouraging domestic demand helped mitigate the impact of low levels of inbound tourism.

Strong engagement with local clientele through digital tools and our physical and online stores has driven a significant double-digit growth in direct sales to customers, alongside improved wholesale sales. The Group’s continued focus on customer centricity and digital has resulted in even higher levels of customer experience in our stores. This focus also led us to extend our online offer to new markets, and within existing markets to additional Maisons. As a testimony to the success of this strategy, direct sales to customers reached 74% of Group sales. The enhanced retail share in Group sales allowed us to further deepen and nurture our relationships with clients.

Our Jewellery Maisons have emerged ever stronger from the global economic crisis caused by the Covid-19 pandemic, achieving record half-year sales and operating margin of 37.9%. Cartier and Van Cleef & Arpels have reaffirmed their leadership position as jewellers of choice while Buccellati’s distinctive savoir faire and aesthetics are getting international recognition. In addition, Cartier was entrusted by Richemont to launch the ‘Watch and Jewellery 2030 Initiative’ with Kering and the Responsible Jewellery Council to begin a collective journey to ensure the industry creates positive outcomes for the planet and its people, as well as the ‘Aura Blockchain Consortium’ with LVMH and Prada Group. The consortium aims to address the challenges of transparency and sustainability, thereby enabling customers to follow a product’s lifecycle, from conception through distribution, with trusted data throughout.

We are also seeing tangible returns on our past investments to evolve our Specialist Watchmakers’ business model. They delivered substantial sales growth, in particular in direct sales to clients now approaching 50%, and increased their operating margin to 22.4%. Every watch Maison participated in this notable improvement. Relationships with multi-brand retailers remain part of our strategy as evidenced by the opening of seven TimeVallée boutiques, now totalling 19. Managed by our retail partners, this multi-brand innovative concept was developed in 2014 to give clients access to our prestigious watch Maisons in a highly qualitative environment. It was primarily developed for China where we see much potential in the years ahead. More generally, we are confident in the growth potential of our Specialist Watchmakers, particularly in the USA and China.

The Group’s Online Distributors recorded higher sales and a stable EBITDA loss as NET-A-PORTER, MR PORTER, THE OUTNET and Watchfinder faced new temporary absorption of Brexit-related custom duties and value added tax while intensifying their outreach and communication efforts. With NET-A-PORTER’s replatforming successfully completed, resulting in improved customer satisfaction, the teams are fully dedicated to localising the sites and further evolving the YOOX NET-A-PORTER business model into a hybrid model of curated inventory ownership with an e-concession/marketplace offer combining a richer customer experience and lower capital requirements. Watchfinder entered the Italian market and further extended its services to the rest of the Group. It notably introduced a pre-owned watch offer to NET-A-PORTER and MR PORTER’s clients in the USA and further rolled out their watch trade-in programme across a larger number of select Specialist Watchmakers, Montblanc and Cartier stores.

Our ‘Other’ business area has returned to profit benefiting from better trading at our Fashion & Accessories Maisons and a gain on the sale of an investment property. Peter Millar continued its robust performance and there was renewed impetus at Alaïa, Chloé and Montblanc with the recent appointments of highly acclaimed creative directors. In addition, Chloé and Montblanc further improved the quality and selectivity of their distribution network. In parallel, much attention has been devoted to sustainability, particularly at Chloé which became the first luxury brand to obtain the demanding B-Corporation certification. The addition of Delvaux, the renowned Belgian luxury leather goods Maison, to the Richemont family will strengthen our presence and raise our craftmanship capabilities in high quality leather. Delvaux’s integration is progressing well under a new management.

Working closely with Alibaba, our teams gained a better understanding of their approach to digital marketing in China, including ‘shoppertainment’, and of their operating model centred around a network of Tmall partners. Along with Alibaba, we each acquired 12.5% of the share capital and voting rights of Farfetch China Holdings Limited.

Operating profit in the period increased by 331% (+67% compared to the six-month period ended 30 September 2019) to € 1.95 billion. The substantial increase in operating profit combined with a careful management of working capital led to cash flow from operating activities nearly doubling to € 1.78 billion. Profit for the period rose to € 1.25 billion and net cash amounted to € 3.15 billion at the end of September 2021.

Our continued focus on excellence implies that we constantly strive to seek to refine our organisation while bringing in the very best professionals in their fields. At the executive level, the Senior Executive Committee was streamlined while our Board of Directors was further strengthened with the appointments of Jasmine Whitbread, an experienced Non-executive Director and highly regarded ESG expert, and of Patrick Thomas, former CEO of Hermès. Both bring unparalleled experience and skills in areas of great importance to Richemont.

Similarly, we are guided by principles of sustainability and long-term impact. Sustainability and concern for the environment are not only matters of importance to our clients and colleagues, but are also embedded in Richemont’s own heritage, notably through our long-term relationship with World Wide Fund for Nature and Peace Parks. I am therefore truly pleased that the Science Based Target initiative validated our Science Based Targets to reduce greenhouse gas emissions in line with the 2015 Paris Agreement and also that we committed to eliminate the use of polyvinyl chloride (‘PVC’) from all our products and packaging by December 2022. We will continue to allocate more resources to sustainability to meet our climate and other sustainability targets, with a particular focus on biodiversity, the environment, education and the preservation of Métiers d’Art.

Before concluding, I would like to thank all the teams at Richemont for their unrelenting dedication, agility, creativity and operational excellence that made these strong results possible.

The post-Covid world is yet to emerge. For the second half of the year, volatility is likely to persist, including in terms of inflation and geopolitical tensions. The Group will also face challenging comparatives. We look to the remainder of the year with vigilance and cautious optimism: the appeal and enduring nature of our distinctive and highly qualitative creations resonate well with the values and expectations of our discerning clientele.

Richemont will continue to focus on timelessness, love, beauty and sustainability. Together, we will craft the future.


Johann Rupert

Compagnie Financière Richemont SA
Geneva, 12 November 2021

Financial review

Any long form references to Hong Kong, Macau and Taiwan within this Company Announcement are Hong Kong SAR, China; Macau SAR, China; Taiwan, China respectively.

Given the magnitude of the impact of the pandemic on our operations in the six-month period ended 30 September 2020, additional comments compared to the six-month period ended 30 September 2019 are provided below for a more comprehensive view of our performance.


In the first six months of the year, Richemont reported a strong performance with sales increasing by 63% at actual exchange rates and 65% at constant exchange rates. On a two-year comparison basis, sales exceeded pre-Covid-19 levels by 20% and 24%, at actual and constant exchange rates, respectively.

On a year-on-year basis and at actual exchange rates, sales in the Americas grew by triple digits, with the other regions recording high double-digit rates of growth. Compared to the same period of calendar year 2019, most regions delivered robust double-digit sales progressions. Only Europe and Japan posted lower sales due to reduced international tourism, with trading improving sequentially in the second quarter of the year.

During the period under review, all business areas enjoyed high double-digit sales increases compared to the prior-year period, with Jewellery Maisons expanding by 67%. Specialist Watchmakers and the ‘Other’ business area reported strong recoveries at 74% and 72%, respectively. Compared to the first half ended 30 September 2019, Jewellery Maisons led the growth with a 36% sales increase and Specialist Watchmakers returned to growth, expanding by 7%.

Sales across the Group’s directly operated stores and online channels increased by solid double-digits, both year-on-year and on a two-year basis. Wholesale sales, while moderately lower compared to the same period in calendar 2019, grew by 71% compared to the same period in 2020.

Further details on sales by region, distribution channel and business area are given in the Review of Operations.

Gross profit

Year-on-year, gross profit rose by 78% to € 5 638 million, with a corresponding gross margin increased to 63.3% of sales.

The 550 basis point increase in gross margin is mainly due to higher manufacturing capacity utilisation, a favourable geographical sales mix as well as a further shift towards retail sales.

Operating profit

Higher sales, a higher gross profit and good cost control have resulted in a six-month operating profit of € 1 949 million, up by 331% over the prior-year period, and increasing by 67% on a two-year basis. Operating margin reached 21.9%.

Overall, operating expenses were strictly controlled, with the year-on-year increase contained to 36%, well below the 63% sales increase. The increase in selling and distribution expenses, up by 31%, partially reflected the one-off rental concessions and government employment support received in the prior period. Depreciation was broadly in line with the prior-year period, reflecting with our capital allocation discipline. As a result, selling and distribution expenses decreased from 26% to 21% of Group sales. Given the improved trading environment, communication activity and client events resumed, driving communication expenses up by 104% compared to the prior-year period, accounting for 8% of Group sales. Fulfilment expenses increased by 39% to € 216 million, broadly in line with the increase in online retail sales across the Group. The increase in Administration costs was limited to 16% due to stringent cost management that more than offset a relatively stronger Swiss franc and continued technology and digital investments. Other operating expenses of € 107 million primarily reflected the impact of the amortisation of intangible assets recognised on acquisition, mainly related to Online Distributors, Buccellati and Delvaux.

Profit for the period

Profit for the period amounted to € 1 249 million. The € 1 090 million year-on-year increase reflected a strong operating profit, partly offset by higher net finance costs. Net finance costs increased from € 117 million in the comparative period to € 385 million, and largely reflect the non-cash fair value loss on the investment in the Farfetch convertible note of € 108 million, as well as the impact of foreign exchange rate fluctuations, which result in a loss of € 55 million. A further non-cash fair value loss of € 81 million, arising from the option held by the Group over its shares in Farfetch China, was also recorded during the period.

Earnings per share (1 ‘A’ share/10 ‘B’ shares) increased more than six-fold to € 2.145 on a diluted basis.

To comply with the South African practice of providing headline earnings per share (‘HEPS’) data, the relevant figure for headline earnings for the period ended 30 September 2021 was € 1 235 million (2020: € 154 million). Basic HEPS for the period was € 2.181 (2020: € 0.273), diluted HEPS for the period was € 2.150 (2020: € 0.272). Further details regarding earnings per share and HEPS, including an itemised reconciliation, may be found in note 10.3 of the Group’s condensed consolidated interim financial statements.

Cash flow

At € 1 781 million, cash flow generated from operating activities increased by € 855 million compared to the prior-year period. This achievement reflected the substantial increase in operating profit along with prudent working capital management. The significant sales acceleration in the period under review led to a € 663 million increase in working capital mostly due to higher receivables and increased inventories to support the sales expansion.

At € 215 million, net investment in tangible fixed assets was 79% higher year-on-year. Investments were predominantly directed towards the Maisons’ store network, including refurbishments and selective openings, as well as technology investments principally at the Online Distributors.

The 2021 dividend of CHF 2.00 per share (1 ‘A’ share/10 ‘B’ shares) was paid to shareholders and to South African Depository Receipt holders, net of withholding tax, in September. The overall dividend cash outflow in the period amounted to € 1 041 million.

In the period under review, the Group did not acquire any treasury shares to hedge executive stock options but instead opted to hedge through the repurchase of warrants. Proceeds from the exercise of stock options by executives and other activities related to the hedging programme amounted to a net cash inflow of € 83 million.

Balance sheet

At 30 September 2021, inventories of € 6 773 million were € 454 million higher than at 31 March 2021. Given the significant increase in sales, rotation improved to 16.0 months of cost of sales (September 2020: 19.2 months).

The Group’s gross cash position at 30 September 2021 amounted to € 8 265 million while the Group’s net cash position stood at € 3 153 million, a € 240 million decrease compared to the position at 31 March 2021. The Group’s net cash position included highly liquid, highly rated money market funds, short-term bank deposits and short-duration bond funds, primarily denominated in Swiss francs, euros and US dollars.

Shareholders’ equity represented 50% of total equity and liabilities compared to 51% at 31 March 2021.

Acquisition of Delvaux

On 30 June 2021, Richemont completed the acquisition of 100% of the share capital of DLX Holdings SA (‘Delvaux’) for a total cash consideration of € 178 million. Delvaux’s results are consolidated within the Other business area with effect from 1 July 2021. During the three-month period to 30 September 2021, Delvaux contributed € 28 million of sales and posted a net loss of € 1 million. The acquisition has resulted in the recognition of € 60 million in provisional goodwill and € 113 million of intangible assets.

Review of operations

The following section is only available in the PDF which can be downloaded above.


The following section is only available in the PDF which can be downloaded above.


The results will be presented via a live audio webcast on 12 November 2021, starting at 09:30 (CET). The direct link is available from 07:00 (CET) at The presentation may be viewed using a mobile device or from a browser.

Statutory information

The Richemont 2021 Interim Report will be available for download from the Group’s website from 19 November 2021 at

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Secretariat contact
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Investor/analyst and media enquiries
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Investor Relations Executive

+41 22 721 3003 (investor relations)

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‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on SIX Swiss Exchange, the Company’s primary listing (Reuters ‘CFR.VX’/Bloomberg ‘CFR:VX’/ISIN CH0210483332). South African depository receipts in respect of Richemont ‘A’ shares are traded on the Johannesburg Stock Exchange, the Company’s secondary listing, (Reuters ‘CFRJ.J’/Bloomberg ‘CFR:SJ’/ISIN CH0045159024).

The closing price of the Richemont ‘A’ share on 30 September 2021 was CHF 97.42 and the market capitalisation of the Group’s ‘A’ shares on that date was CHF 50 853 million. Over the preceding six-month period, the highest closing price of the ‘A’ share was CHF 118.05 (2 August) and the lowest closing price was CHF 92.10 (1 April).

About Richemont

At Richemont, we craft the future. Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity, alongside Online Distributors that cultivate expert curation and technological innovation to deliver the highest standards of service. Richemont’s ambition is to nurture its Maisons and businesses and enable them to grow and prosper in a responsible, sustainable manner over the long term.

Richemont operates in four business areas: Jewellery Maisons with Buccellati, Cartier and Van Cleef & Arpels; Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; Online Distributors with Watchfinder & Co., NET-A-PORTER, MR PORTER, YOOX, THE OUTNET and the OFS division; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar, Purdey and Serapian. Find out more at


This document contains forward-looking statements as that term is defined in the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance. Richemont's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. Our retail stores are heavily dependent on the ability and desire of consumers to travel and shop and a decline in consumers traffic could have a negative effect on our comparable store sales and/or average sales per square foot and store profitability resulting in impairment charges, which could have a material adverse effect on our business, results of operations and financial condition. Reduced travel resulting from economic conditions, retail store closure orders of civil authorities, travel restrictions, travel concerns and other circumstances, including disease epidemics and other health-related concerns, could have a material adverse effect on us, particularly if such events impact our customers’ desire to travel to our retail stores. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside the Group's control. Richemont does not undertake to update, nor does it have any obligation to provide updates of, or to revise, any forward-looking statements.