Richemont's year to 31 March saw a “strong performance”, with a “step change in sales and operating profit”. Its fashion ops improved, but the share price fell as a deal to sell a YNAP stake to Farfetch is not agreed.
Luxury goods companies Hermes and Richemont won promotion on Wednesday to the blue-chip Euro STOXX 50 equity index, which could increase investment funds' demand for the stocks that have hit all-time highs.
The trading environment may have been volatile but luxury giant Richemont still managed to see net profit rising almost 40% in the financial year to the end of March, beating forecasts by a wide margin.
The designer passed away in Paris at the age of 59. He had recently launched his own label, AZ Factory, in collaboration with Swiss-based luxury group Richemont, and previously led design at Lanvin from 2001 to 2015.
One brand that appeared to be gathering momentum is the house of Alaïa, which profited from haute couture week in Paris to present its latest ideas, many mined very literally from the house's unique archives.