Richemont acquires British watch platform Watchfinder

richemont

The luxury goods company Richemont buys the British watch platform Watchfinder.co.uk.

Founded in 2002, the company buys and sells used premium watches online as well as in seven boutiques. Richemont does not comment on the price of the transaction . However, the acquisition will not exert any “material” influence on the operating result for the financial year 2018/19, Richemont affirms.

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Outlook Richemont: annual sales of 11.2 billion euros expected

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The market environment for luxury goods manufacturers has brightened over the past twelve months, from which the Geneva-based group Richemont also profited in the 2017/18 financial year. Although repurchases from the warehouses of watch dealers worldwide could cloud the development a bit. Overall, however, local currency analysts still expect at least a high single-digit percentage growth.

It is unclear to what extent the stock repurchases impair the operating result. This has also led to a relatively wide range of analyst estimates. Despite the burden, however, the operating margin is likely to make huge strides towards the 20 percent mark. The basis for this is the highly profitable jewelry business and the increase in profitability in the watch business.

Analysts are also hoping for answers to the question of whether the group-owned and recently refurbished leather brand Lancel is now being sold. In March, the Italian Piquadro group had registered their interest. Questions also arouse among analysts the surprisingly abrupt departure of Chief Technology Officer Jean-Jacques Van Oosten and the potential impact on the Group’s e-commerce strategy.

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