Luxury Group Richemont Plans Expansion

Johann Rupert's Luxury Group Richemont Plans Expansion

Luxury retail group Compagnie Financière Richemont SA is planning major expansion to keep the business momentum for IWC watches and Cartier jewelry. The sales grew by 9 percent against analyst estimates of 11 percent growth in revenue.

Bellevue, Switzerland-based Richemont is headed by South African billionaire Johann Rupert. The company has given positive guidance for year 2014. The revenue for third quarter stood at $4 billion. The company has also registered forex losses due to fluctuation in currencies.

Swiss watch exports to China have decreased after the crackdown on bribery scandals in the country. The demand from China for luxury items was showing steady increase in the past few years. The company reported six percent rise in sales in Asia Pacific region, mainly due to lower demand from Chinese market. The company expects orders from China to pick up in the current year.

Richemont wants to position itself better compared to LVMH and Swatch. The stock price was down by two percent after results were announced.

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