Richemont say US business in good position for growth

Published On : 11/09/2024

ZURICH (Reuters) -Richemont’s U.S. business is in a good position to carry on growing now that uncertainty around this week’s presidential election is 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, although the 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)

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