Profits at Compagnie Financière Richemont SA surged 28 percent in the first half to 824 million euros, or $1.12 billion at average exchange, from 645 million euros, or $816.5 million, on the back of increasing sales and higher gross margins.
The company, which owns brands including Cartier, Van Cleef & Arpels, IWC, Chloé and Dunhill, said Friday that stripping out the profits from its 19 percent stake in British American Tobacco, the bottom line would have risen 32 percent to 490 million euros, or $667 million, from 371 million euros, or $469.6 million.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)