Strong performance for the year ended 31 March 2023

12 MAY 2023

Ad hoc announcement pursuant to art. 53 LR

Group highlights

  • Group sales and operating profit at an all-time high of € 19 953 million and € 5 031 million, respectively
  • Increased proposed dividend of CHF 2.50 per 1 ‘A’ share / 10 ‘B’ shares and additional special dividend of CHF 1.00 per ‘A’ share/10 ‘B’ shares
  • Appointment of Chief People Officer and CEO of Regions as well as Chief Sustainability Officer to the Senior Executive Committee
  • Continued progress on ESG commitments: 97% renewable electricity achieved globally, and polyvinyl chloride (PVC) removed from products and packaging
  • Strategic agreement with FARFETCH and Alabbar to create a neutral industry-wide platform and advance the realisation of the Group’s Luxury New Retail vision; YNAP reclassified to ‘discontinued operations’

Financial highlights

  • Sales up by 19% at actual exchange rates and by 14% at constant exchange rates, driven by retail, up 22% at actual exchange rates (+17% at constant exchange rates), representing 68% of Group sales
  • Sales growth across all regions, distribution channels and business areas, at actual and constant exchange rates
  • Growth resumed in Asia Pacific with sales up 6% at actual rates (+1% at constant exchange rates); double-digit increases in all other regions at actual and constant exchange rates, led by Japan and Europe
  • Double-digit sales increases across all distribution channels and business areas at actual exchange rates, and almost all business areas at constant exchange rates
  • Operating profit, up 34% to € 5 billion, including non-recurring items of € 66 million net, leading to an increased operating margin of 25.2%:
    • Jewellery Maisons generated 21% sales growth at actual exchange rates (+16% at constant rates) and 35% operating margin;
    • Specialist Watchmakers grew sales by 13% at actual exchange rates (+8% at constant exchange rates) achieving a 19% operating margin;
    • ‘Other’ business area (predominantly F&A Maisons) delivered strong sales growth (+19% at actual exchange rates, +13% at constant exchange rates) and a € 59 million operating profit (of which € 94 million for the F&A Maisons).
  • 60% increase in profit for the year from continuing operations to € 3 911 million; € 3.6 billion loss from discontinued operations primarily resulting from the € 3.4 billion non-cash write-down of YNAP net assets
  • Solid net cash position of € 6.5 billion

Key financial data (audited)


2022 re-presented*



€ 19 953 m

€16 748m


Gross profit

€ 13 716 m

€ 11 176m


Gross margin



+200 bps

Operating profit

€ 5 031 m

€ 3 753 m


Operating margin



+280 bps

Profit for the year from continuing operations

€ 3 911 m

€ 2 449 m


Loss for the year from discontinued operations

€ (3 610) m

€ (370) m

Profit for the year

€ 301 m

€ 2 079 m


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

€ 0.543

€ 3.611


Cash flow generated from operating activities

€ 4 491 m

€ 4 638m

-€ 147

Net cash position

€ 6 549 m

€ 5 251 m

+€ 1 298

* Prior-year period comparatives have been re-presented as YNAP results are presented as ‘discontinued operations’

Chairman’s commentary

Overview of results

Richemont reported excellent results for the financial year ended 31 March 2023, with all business areas generating higher sales and profits. The Group has drawn on the strength of its Maisons and the resilience of luxury consumers in an environment characterised by geopolitical volatility, economic uncertainty and high inflation.

During the year under review, sales attained an all-time high of
€ 20 billion, a 19% year-on-year increase. The final quarter recorded a significant sales increase as sales in Asia Pacific resumed growth following the removal of travel and health restrictions in mainland China. All the business areas, distribution channels and regions posted growth during the year. This performance was led by retail, Japan and Europe, closely followed by the Americas. Sales in directly-operated stores continued to outperform the other distribution channels markedly, their contribution to Group sales rising to 68%, and combined with online sales accounted for almost three quarters of Group sales. Both outcomes demonstrate the success of our ongoing client engagement strategy.

All business areas delivered double-digit sales growth compared to the prior year. Our Jewellery Maisons, Buccellati, Cartier and Van Cleef & Arpels, increased their combined sales to € 13.4 billion and operating profit to € 4.7 billion, generating an improved 34.9% operating margin compared to the prior year. While Buccellati continued to develop solidly, generating the highest growth rates across the Group albeit from a smaller base, Cartier and Van Cleef & Arpels reaffirmed their market leadership with a high level of sales growth and profitability. The Jewellery Maisons enjoy the highest level of direct-to-client engagement within the Group (83%).

Our Specialist Watchmakers performed strongly with combined sales of € 3.9 billion and operating margin improving to 19.0% compared to the prior year. Over the past six years, the Specialist Watchmakers have undergone a profound evolution of their business model, which has successfully led to direct-to-client sales reaching 56% of sales this financial year while sales in branded environments neared three quarters of their sales. The Specialist Watchmakers are reaping the benefits of past strategic actions and clear leaders have emerged, notably Vacheron Constantin which has reached one billion euros in sales.

The Group’s ‘Other’ business area, mostly composed of the Fashion & Accessories Maisons and now including Watchfinder, recorded sales of € 2.7 billion, up 19% compared to the prior year. Watchfinder’s muted performance was more than offset by sharp growth in sales and profitability at the Fashion & Accessories Maisons, driven by renewed creativity and higher travel retail footfall. Strong Maisons have emerged alongside Montblanc and Chloé, especially Peter Millar, including its G/FORE business, which generated sales in excess of € 0.6 billion. Overall, the business area returned to profit with the Fashion & Accessories Maisons delivering € 94 million in operating profit.

At Group level, operating profit reached an all-time high of € 5 billion and operating margin expanded further to 25.2%. The significant 34% growth in operating profit, combined with well-controlled working capital, led to a robust € 4.5 billion cash flow from operating activities. Profit for the year from continuing operations rose by 60% to € 3.9 billion. The overall profit for the year was limited to € 301 million due to the € 3.6 billion loss for the year from discontinued operations. This was primarily due to the € 3.4 billion non-cash charge on the transfer of YNAP net assets to ‘held for sale’.

Our Luxury New Retail (‘LNR’) partners

The agreement for FARFETCH and Alabbar to acquire 47.5% and 3.2% of YOOX NET-A-PORTER (YNAP), respectively, leaving Richemont with a 49.3% holding in YNAP with 12-13% of FARFETCH’s issued share capital, is subject to a number of conditions, including the receipt of certain antitrust approvals. The initial stage of the transaction is expected to complete by the end of calendar year 2023. From this point onwards, Richemont Maisons will adopt FARFETCH's technology to realise their LNR vision to address clients’ needs in a seamless manner across distribution channels. YNAP will also adopt FARFETCH Platform Solutions to accelerate its shift towards a hybrid model and significantly enhance its prospects as a neutral industry-wide platform.


Based upon the strong performance of the year, significant cash flow generation and a solid net cash position of € 6.5 billion at the end of March 2023, the Board proposes to pay an ordinary dividend of 2.50 Swiss francs per 1 A share (and CHF 0.25 per ‘B’ shares), up by 11% over the prior year as well as a special dividend of CHF 1.00 per ‘A’ share (and CHF 0.10 ‘B’ shares), subject to shareholders’ approval at the Annual General Meeting (‘AGM’) on 6 September 2023.

Annual General Meeting, Board changes and management appointments

At the Annual General Meeting in September 2022, two valued and experienced non-executive directors, Jan Rupert and Ruggero Magnoni, stepped down from the Board. I wish to reaffirm my warmest thanks to each of them for their invaluable service.

Also at the 2022 AGM, a resolution allowing for ‘A’ shareholder representation was voted on for the first time, at the request of a shareholder. Wendy Luhabe, nominated by the Board, was elected to this role by 84% of the ‘A’ shareholders who cast their votes. She was elected to the Board with 98% supportive votes. All non-executive directors were elected by an overwhelming majority of the ‘A’ shares cast. The voting at the meeting reflected a continued endorsement of the collegial board model, adopted at the time of foundation 35 years ago, where all directors serve the interest of all shareholders, ‘A’ and ‘B’ combined. I would like to once again express my deepest thanks to our long-term shareholders for their overwhelming support. We will continue executing on our Group strategy to create value for our shareholders, communities and colleagues, taking a long-term view.

At the 2023 AGM, shareholders will be asked to elect two new directors to the Board: Fiona Druckenmiller and Bram Schot. Ms Druckenmiller’s jewellery expertise, understanding of the American clientele and social and environmental causes will be of great value to the Board while Mr Schot brings more than three decades of experience in the premium automotive industry and a deep understanding of risk management, supply chain and sustainability issues. Their biographies may be found in the annual report.

After the 2023 AGM and subject to shareholders’ approval, the Board will temporarily increase to 18 members as we continue to execute on our succession plan for our long serving non-executive directors and ensure effective transmission of knowledge. Female Board members will represent 33% of the new Board. We will continue to address age, tenure, skills and geographic representation on the Board.

On 31 March 2024, the Board will bid farewell to two long-serving and valued Non-executive Directors, Guillaume Pictet and Jean-Blaise Eckert. Clay Brendish and Maria Ramos, two other respected Non-executive Directors, have also indicated that they will step down from the Board of Directors on 31 March 2025 after 14 and 13 years of service, respectively. I wish to thank them all for their invaluable and much appreciated contribution to the development of Richemont.

We have further strengthened our Senior Executive Committee (SEC) with the appointments of Patricia Gandji, the Group’s Chief People Officer and CEO of Regions, in November 2022 and Bérangère Ruchat, the Group’s Chief Sustainability Officer, in February 2023. These appointments reaffirm the importance of people, Environmental, Social and Governance (ESG) matters across the Group.

The tender process to select the next Group’s external auditor is progressing in a timely fashion to be completed in time for the 2025 AGM and our shareholders’ approval.

Sustainability, a story of continuous improvement

Acknowledging the need to embed sustainability even more firmly in our governance and reinforce the integral nature and importance of this discipline, we nominated Mr Schot to the Board and appointed Dr Ruchat to the SEC. This year, further comprehensive change was also initiated across Group functions, regions and Maisons to fully integrate ESG principles into all Richemont strategic and operational decision-making processes.

Honouring our prior commitments, we have phased out PVC from our products and packaging by our target timeline and reached 97% use of renewable electricity, thus contributing to a healthier planet. Our other key milestones and full ambition are disclosed in our upcoming FY23 ESG Report.

I am pleased to confirm that the Group is recognised as an industry leader by independent authorities such as MSCI (AA rating), Carbon Disclosure Project (A- rating), Sustainalytics (among the top 7% of 20 000 rated companies) and the World’s Best Employers by Forbes 2022.


I would like to thank all my colleagues across the Group for their contribution to the excellent performance delivered with commitment, agility, creativity and responsibility. We have seen all our businesses improve and have further progressed in our crucial digital and sustainability roadmaps. This year has seen a re-affirmation of the relevance of our strategy to build brand equity over the long term, and to do so in a responsible and creative manner.

Economic volatility and political uncertainty look set to remain features of the trading environment. The Group will therefore seek to maintain the necessary agility to manage fluctuating levels of demand. I am confident that our Maisons are well positioned to meet strong demand, notably driven by a significant resumption of Chinese travel. Richemont is fortunate to own such a unique portfolio of Maisons with excellent long-term prospects.

Johann Rupert

Compagnie Financière Richemont SA

Financial review

Any references to Hong Kong, Macau and Taiwan within this financial review are to Hong Kong SAR, China; Macau SAR, China; and Taiwan, China, respectively.

Following the 24 August 2022 announcement of an agreement, subject to a number of conditions, including the receipt of certain anti-trust approvals, to sell a controlling stake in YOOX NET-A-PORTER (‘YNAP’), the results of YNAP for the year ended 31 March 2023 are presented as ‘discontinued operations’. Prior-year comparatives are re-presented accordingly.

Unless otherwise stated, all comments below relate to the results of the continuing operations. The results of Watchfinder & Co. (‘Watchfinder’) are now reported within the ‘Other’ business area.


For the year ended 31 March 2023, Richemont reported strong performance with sales from continuing operations increasing by 19% at actual exchange rates and by 14% at constant exchange rates to € 19 953 million.

Compared to the year ended 31 March 2022, sales grew in all regions, distribution channels and business areas, both at actual and constant exchange rates.

At actual exchange rates, Asia Pacific sales grew by 6%, partly benefitting from a rebound in sales in mainland China, Hong Kong and Macau in the final quarter of the financial year, following the removal of travel and health restrictions. Elsewhere in the region, South Korea and Southeast Asia delivered significant sales increases throughout the year. Sales growth in the Americas, which represents the Group’s second largest sales region, reached 27% for the year against strong comparatives (+89% in the prior year). In Europe, the overall 30 % sales growth reflected robust demand in most markets, with the performance of France, Italy and Switzerland particularly noteworthy. Japan reported the strongest regional performance for the year with sales up by 45%, driven by solid domestic sales and the progressive return of inbound tourism. Sales in Middle East & Africa rose by 24%.

The Group’s directly-operated stores drove growth, with sales up by 22% at actual exchange rates compared to the prior year, underpinned by double-digit growth across all regions and all business areas. Online retail sales, now excluding sales made by YNAP, increased by 12% while wholesale sales were 14% higher over the year.

At actual exchange rates, all business areas delivered double-digit sales growth compared to the prior year. Sales at the Jewellery Maisons rose by 21%, reflecting growth across all channels and regions. The 13% increase in sales of the Specialist Watchmakers was supported by growth in all regions with the exception of Asia Pacific. The ‘Other’ business area enjoyed a 19% sales progression, sustained by all regions.

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

Gross profit

Compared to the prior year, gross profit increased by 23% to € 13 716 million and the corresponding gross margin rose to 68.7% of sales.

This 200 basis point gross margin improvement was mainly driven by a combination of price increases, a more favourable geographical sales mix and a further client-driven shift towards retail. All these positive factors more than offset increases in raw materials cost and inflationary pressures experienced throughout the supply chain.

Operating profit

Increases in sales and gross profit combined with well-controlled costs led to the operating profit from continuing operations rising by 34% to an all-time high of € 5 031 million. As a result, operating margin improved by 280 basis points to 25.2% of sales.

Overall, operating expenses grew by 17% over the prior year, below the 19% sales increase.

Higher retail sales and the selective expansion and qualitative improvements of the Group’s retail network contributed to a 19% increase in selling and distribution expenses. As a percentage of sales, these expenses were in line with the prior year at 23.5%.

Communication expenses rose by 17% compared to the prior year, and amounted to 9.7% of sales.

Expenses related to the fulfilment of online retail orders grew by 19% whilst administrative expenses increased by 20%. Other expenses included one-time items of € 66 million, the main item being a € 55 million charge related to the impairment of goodwill at Watchfinder, which has been negatively impacted by the global reduction of resale values for pre-owned watches.

Profit of the year

Profit for the year from continuing operations increased by 60% over the prior year to € 3 911 million. The € 1 462 million increase in profit for the year included a € 527 million improvement in net finance costs which amounted to € 314 million. The reduction in net finance costs was mostly due to non-cash fair value losses arising from the Group’s investments in a FARFETCH convertible note and an option to purchase additional FARFETCH China shares, as well as the Group’s investments in externally managed bond funds and money market funds, overall amounting to € 54 million, compared to € 538 million in the prior year. Net interest expense amounted to € 7 million, a € 46 million reduction over the prior year, while foreign exchange non-cash losses on monetary items amounted to € 240 million, a € 43 million increase over the prior year.

The loss for the year from discontinued operations amounted to € 3 610 million, representing YNAP’s operating result and the € 3.4 billion non-cash charge on the transfer of YNAP net assets to ‘held for sale’ at 31 March 2023.

As a result, profit for the year amounted to € 301 million.

Earnings per share reached € 0.543 on a diluted basis. Excluding YNAP, diluted earnings per share (1 ‘A’ share/10 ‘B’ shares) from continuing operations were € 6.778 .

To comply with the South African practice of providing headline earnings per share (‘HEPS’) data, the relevant figure for the year ended 31 March 2023 was € 3 807 million (2022: € 2 132 million). Basic HEPS for the year were € 6.691 (2022: € 3.762), diluted HEPS for the year were € 6.601 (2022: € 3.712). Further details regarding earnings per share and HEPS, including an itemised reconciliation, can be found in note 28 of the Group’s consolidated financial statements.

Cash flow

Cash flow generated from operating activities, including YNAP, amounted to € 4 491 million compared to € 4 638 million in the prior year. The 3% reduction reflected increased operating profits from continuing operations, more than offset by higher investments in working capital.

Net investments in property, plant and equipment amounted to € 838 million, a 14% increase over the prior year. Capital expenditure during the period focussed on expansion and qualitative improvements to the Group Maisons’ retail network, as well as targeted manufacturing and technology investments.

During the year, the Group contributed € 330 million to its associate, Kering Eyewear, maintaining its percentage ownership at 30%.

The 2022 dividend of CHF 2.25 per share (1 ‘A’ share/10 ‘B’ shares) and the exceptional dividend of CHF 1.00 per share (1 ‘A’ share/ 10 ‘B’ shares) were paid to shareholders and to South African Depository Receipt holders, net of withholding tax, in September 2022. The total dividend cash outflow in the period amounted to € 1 851 million.

Proceeds from the exercise of share options by executives and other hedging activities during the period amounted to a net cash inflow of € 198 million. No treasury shares nor shareholder warrants were repurchased during the year.

Balance sheet

At 31 March 2023, the assets and liabilities of YNAP were classified as ‘Assets of disposal group held for sale’ and ‘Liabilities of disposal group held for sale’, respectively. The remainder of the balance sheet reflected only the assets and liabilities of continuing operations. The prior year has not been restated.

Inventories amounted to € 7 096 million, a 16% increase excluding YNAP, and inventory rotation represented 16.6 months of cost of sales (2022: 15.1 months).

The Group’s net cash position rose by 25% to € 6 549 million at 31 March 2023. Net cash is comprised of cash and cash equivalents, investments in externally managed bond and money market funds as well as external borrowings, including corporate bonds. At 31 March 2023, gross cash amounted to € 12 504 million.

Shareholders’ equity represented 47% of total equity and liabilities compared to 50% in the prior year.

Sale of a controlling interest in YNAP

During the period, the Group reached an agreement with FARFETCH and Alabbar, which is subject to a number of conditions, including the receipt of certain anti-trust approvals, to sell a controlling interest in YNAP. In the initial stage, FARFETCH and Alabbar will acquire 47.5% and 3.2%, respectively, of YNAP’s share capital, making YNAP a neutral platform with no controlling shareholder. Upon completion of the sale, Richemont will receive FARFETCH Class A ordinary shares expected to represent 12-13% of the issued share capital of FARFETCH. Richemont will also receive US$ 250 million (expected to be settled in FARFETCH Class A ordinary shares) on the fifth anniversary of completion of the initial stage of the transaction. Alabbar, Richemont and YNAP’s long-standing partner in the Middle East, will acquire a 3.2% interest in YNAP in exchange for its shares in the joint venture with YNAP in the Gulf Cooperation Council region. The initial stage of the transaction is currently expected to complete before the end of calendar year 2023.

The potential second and final stage of the transaction provides for FARFETCH to increase its ownership of YNAP share capital to 100% through a put and call option mechanism.

YNAP’s performance

YNAP’s performance is shown under ‘Results from discontinued operations’. In a globally challenging environment for digital distribution pure players, YNAP delivered sales growth of 4% at actual exchange rates.

NET-A-PORTER and MR PORTER led growth with a high single-digit sales increase in the UK and the US while the good performance of YOOX in Europe and the US was not able to fully offset the suspension of commercial activities in Russia.

Proposed dividend

Considering the Group’s strong annual performance, significant cash flow generation and robust net cash position, the Board has proposed a dividend of CHF 2.50 per ‘A’ share/10 ‘B’ shares and an additional special dividend of CHF 1.00 per ‘A’ share/10 ‘B’ shares.

The dividend will be paid as follows:

Gross dividend per
1‘A’ share/
10 ‘B’ shares

Swiss withholding
tax @ 35%

Net payable per
1‘A’ share/
10 ‘B’ shares


CHF 2.500

CHF 0.875

CHF 1.625

Special dividend

CHF 1.00

CHF 0.35

CHF 0.65

Review of operations

This part is only available in the full PDF which can be downloaded above.


This part is only available in the full PDF which can be downloaded above.


The results will be presented via an audio webcast on 12 May 2023, starting at 09:30 (CEST). The direct link is available from 07:30 (CEST) at The presentation may be viewed using a mobile device or from a browser.

Statutory information

The Richemont 2023 Annual Report will be published on 31 May 2023 and will be available for download from the Group’s website at Copies may be obtained from the Company’s registered office or by contacting the Company via the website at

Registered office
50 chemin de la Chênaie
CP 30, 1293 Bellevue
+41 22 721 3500 

Computershare Schweiz AG
P.O. Box, 4601 Olten
+41 62 205 7700 

PricewaterhouseCoopers SA
50 avenue Giuseppe-Motta
1202 Geneva

Secretariat contact
Swen Grundmann
Company Secretary

+41 22 721 3500 


Investor/analyst and media enquiries

Sophie Cagnard
Group Corporate Communications and IR Director

James Fraser
Investor Relations Executive

+41 22 721 3003 (investor relations) 

+41 22 721 3507 (media) 

Richemont ‘A’ shares issued by Compagnie Financière Richemont SA are listed and traded on the SIX Swiss Exchange, Richemont’s primary listing (Reuters ‘CFR.S’ / Bloomberg ‘CFR:SW’ / ISIN CH0210483332). They are included in the Swiss Market Index (‘SMI’) of leading stocks and the MSCI Switzerland IMI ESG Leaders Index. The ‘A’ shares are also traded on the Johannesburg Stock Exchange, Richemont’s secondary listing (‘CFRJ.J’ / Bloomberg ‘CFR:SJ’ / ISIN CH0210483332).


About Richemont

At Richemont, we craft the future.
 Our unique portfolio includes prestigious Maisons distinguished by their craftsmanship and creativity. 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 three 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; and Other, primarily Fashion & Accessories Maisons with Alaïa, AZ Factory, Chloé, Delvaux, dunhill, Montblanc, Peter Millar including G/FORE, Purdey, Serapian as well as Watchfinder & Co. In addition, Richemont operates NET-A-PORTER, MR PORTER, THE OUTNET, YOOX and the OFS division.



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 consumer 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.  International conflicts or wars, including resulting sanctions and restrictions on importation and exportation of finished products and/or raw materials, whether self-imposed or imposed by international countries, non-state entities or others, may also impact these forward-looking statements. 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.