Richemont

CFR | SIX Swiss Exchange

Coverage

Richemont coverage centres on the jewellery maisons that carry group margin, the watch cycle at the specialist brands, and the structural position of the group's online assets.

The working frame separates a durable jewellery business from a cyclical watch business. Coverage tracks Cartier and Van Cleef & Arpels retail expansion and pricing, wholesale inventory and grey-market pricing as a leading indicator for the specialist watchmakers, and how distribution decisions change the group's margin profile.

Key themes

• Jewellery maisons
• Specialist watchmakers
• Distribution