The world’s second-largest luxury goods group, Richemont, has announced it wants to add another 800 jobs to its staff in Switzerland because of expected strong growth.
This content was published on
1 minute
swissinfo.ch and agencies
The group, which has its headquarters in Geneva, said in a statement on Thursday that “robust demand” in Asia had helped full-year net profit jump 79 per cent compared with the previous financial year.
“We are actually facing more demand than we can cope with, we have to hire people in all our factories, commented chief financial officer Richard Lepeu.
Richemont, which has a stable of watch companies that include Cartier, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC and Panerai said it had made a net profit of €1.08 billion (SFr1.36 billion) for the year ending in March.
“Sales in the month of April were 32 per cent above the comparative period, or 35 per cent at constant exchange rates,” commented chairman and chief executive Johann Rupert.
“In an environment currently marked by geopolitical unrest and currency instability, we hope that this positive trend will be confirmed in the coming months.”
Analyst René Weber from Bank Vontobel was a little disappointed with the results.
“April was a strong start but the market will not like the full-year 2010/2011 figures,” he told Reuters.
The Swatch Group in Biel, the world’s largest watchmaking concern, expects to add between 1,000 and 1,500 new jobs in the coming year thanks to higher demand.
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Rolex looks to renew classic brand
This content was published on
In a surprise move earlier this month, privately-owned Rolex said it would replace former banker Bruno Meier as chief executive after just two years in the job. Head of Rolex Italy Gian Riccardo Marini, 62, was named as CEO with immediate effect, while Daniel Neidhart, 49, has been appointed to the new position of head…
This content was published on
Grégory Pons, a French Geneva-based journalist specialising in the watch industry, tells swissinfo.ch that despite the Swatch Group’s success – record key figures for 2010 have already been released – challenges lie ahead. Pons is editor of an international newsletter for watchmaking professionals and jury member of the Grand Prix d’Horlogerie, a competition for high-end…
This content was published on
Last month Swiss watch exports increased by almost 30 per cent compared with 12 months ago. What’s more, the demand for workers is also up. “The sector lost a quarter of its turnover in 2009, but only eight per cent of staff – of whom four per cent were given notice,” François Matile, head of…
This content was published on
Baselworld brings together exhibitors from around the world in the city of Basel and attracts up to 100,000 visitors each year. The 2010 show runs from March 18 to March 25. (Pictures: Keystone/AFP/EQ Images/Hublot/Louis Moinet)
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.