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Richemont, owner of Montblanc, Lancel, Cartier and Piaget, has said it will not be selling off any of its businesses due to a recent growth in sales. The company saw the Asia-Pacific region's growth reached four percent in the first half of the financial year.
Net profit rose ten per cent to €1.19 billion in the six months to September, just ahead of a €1.18 billion estimate in a Reuters poll. As a result of this and positive sales figures in other markets, Richemont announced that it is no longer considering selling any of its subsidiaries, but rather, it will continue to invest in them.
Luxury goods group Richemont had considered selling its Lancel leather goods business but decided against it because it could not obtain a good price, the group's financial officer told journalists on November 8.
"If we wanted to sell the fashion businesses, and we don't, that would mean a huge destruction of shareholder value," Gary Saage said in a newswire call on the group's interim results, adding selling for too low a price didn't make sense.
He said Lancel was the only brand Richemont had actively looked to sell. "The speculation on Lancel was warranted, I won't deny that. We told employees we were pursuing strategic options," he said.comments powered by Disqus