Richemont announces a plunge in profits
Swiss luxury group Richemont announces that its turnover has receeded by 5%, reaching 3651 millions of Euros. Richemont, whose brands include Cartier, Jaeger-LeCoultre, IWC, A. Lange & SÖhne and Van Cleef & Arpels, reported a 46 per cent drop in operating profits to €259m for the year ending March 2003.
Johann Rupert, Chairman of the Group, tacidly admitted to media that the expensive acquisition of Jaeger-LeCoultre, IWC and A. Lange & SÖhne had been a rsky exercise.
Richemont also announces that Alain Dominique Perrin is to retire as Chief Executive Officer of the Group in October this year.

In Switzerland, where recession is hitting since last winter, this news is a blow to the watch industry meanwhile Cartier expects to cut 200 jobs overall in the country.

read full release on www.richemont.com

www.europastar.com
June 2003