Richemont say US business in good position for growth
udpates with exec comments, background
ZURICH, Nov 8 (Reuters) -Richemont's CFR.S U.S. business is in a good position to carry on growing now that uncertainty around this week's presidential electionis out of the way, Chief Financial Officer Burkhard Grund said on Friday.
Still, it is too early to say how president-elect Donald Trump's policies would affect demand for jewellery and watches in the longer term in its biggest market, the executive said after Richemont reported its latest results
"We've been quite resilient in that volatile environment pre-election, which gives us a good basis for continued growth after the elections," Grund said, adding that any longer term effects from Trump's win were "pure speculation."
"Now the election is out of the way, we are heading into the Christmas period, where we usually have a strong business," he said.
Richemont's jewellery and fashion and accessories business in the United States and among American customers who travel has been growing "quite consistently," Grund said.
The company would monitor possible increases in tariffs, which have been floated by Trump, he added, althoughthe situation was currently unclear.
"It is not the first time that tariffs or import duties, these kinds of things, are on our agenda," Grund said. "It is clear that over the last probably 10 to 15 years, tariffs have or duties have trended down, but not always."
Reporting by John Revill, Editing by Miranda Murray
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
