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Richemont up as Swatch keeps target

Jul 18 2012 10:54 Reuters

Company Data

COMPAGNIE FINANCIERE RICHEMONT SA [JSE:CFR]

Last traded 101.68
Change -0.53
% Change -0.01
Cumulative volume 124205
Market cap 530.77bn

Last Updated: 29/08/2014 at 09:34. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Shares of luxury goods maker Richemont [JSE:CFR] rose after Swiss watchmaker Swatch maintains 2012 sales target despite concerns about cooling Chinese demand.

At 08:20 GMT, Richemont top gainer among Johannesburg blue chips, adding over 3% to R43.65. Its gains were in tandem with those of Swatch in Switzerland.

Swatch's chief executive Nick Hayek backed his 2012 sales target of 8 billion Swiss francs ($8.1bn) and downplayed concern Chinese demand for luxury watches may be cooling in a newspaper interview published late on Tuesday.

Worries persist that Chinese demand for the highest-priced segment of luxury goods, such as watches, will hit Swatch and rival Richemont.

 
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