Richemont Reports Quarterly Sales Down 47% Due To Covid-19

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Thunder1
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Richemont Reports Quarterly Sales Down 47% Due To Covid-19

Post by Thunder1 » July 16th 2020, 6:26am

Ouch!!

Industry News Richemont Reports Quarterly Sales Down 47% Due To Covid-19
The current health crisis continues to show its effects on the industry.
By Brice Goulard

Following the monthly announcements made by the FHS regarding Swiss watch exports and half-year results by Swatch Group a couple of days ago, it is now time for the other giant of the Swiss watch industry, Compagnie Financière Richemont SA, to announce its first-quarter 2020 results… And, as expected from the current coronavirus situation, lockdown policies and closure of manufactures during the confinement, revenues are dropping massively for Richemont with sales down by almost half compared to the previous year.

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