Richemont’s UK business is was still in the red for the year ending 31 March 2021, though it has made big improvements by comparison to the previous year.
The Switzerland-based company, also known as Compagnie Financière Richemont SA, trades in luxury goods through a number of well-known brands.
On the jewellery side of the business, these include Cartier, Buccellati and Van Cleef & Arpels. It is also home to a number of the world’s largest watch brands.
Now, the company has posted its annual financial results for the year ending 31 March 2021.
While revenue for the group’s UK business in 2020/21 (£80 million) was less than half its 2019/20 figures (£186 million).
This put its gross profits at £28.6 million and £68.6 million in 2020/21 and 2019/20 respectively.
However, once taxes and other losses are accounted for, the company was in the red for both years, though it significantly cut its losses in the most recent financial year.
Its losses for 2020/21 were down to £1.5 million compared to £28.8 million in 2019/20.
A company statement in the financial report said: “Richemont UK will continue to follow its strategy in elevating the maisons as leading luxury destinations.
“Stores are continuously being revamped to express the brand’s vision.
“In 2021 [financial year ending 31 March 2022], the strategy will continue to focus on fewer pillars where sales continue to grow and there will be a concentration to return overall sales to pre-Covid-19 levels and expand e-commerce.”
