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Richemont posts first half profit rise as chief exec steps down

Swiss luxury goods group Richemont has posted a 52.4% rise in profits in the first half of its financial year.

The group, which owns brands including Dunhill, Chloe and Cartier as well as luxury etailer Net-a-Porter, posted profits of €1.08bn (£0.86bn) for the six months to September 30, 2012.

Sales in the period grew 21.2% to €5.11bn, with retail outperforming the group’s wholesale business.

Richemont said it benefitted from favourable exchange rates and successful product launches, which both contributed to a strong first half performance.

The group also added that Europe performed particularly strongly during the first six months of its financial year.

Meanwhile, Richemont also announced changes to its senior management team with Johann Rupert, chairman and chief executive set to step down from his role as chief executive at the end of March 2013 and only remain in the chairman’s role.

As a result of this deputy chief executive Richard Lepeu and Bernard Fornas, chief executive of Cartier, will assume the role of joint chief executive for the group.

Stanislas de Quercize will then succeed Fornas as chief executive of Cartier.

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