After the announcement of the results of 2016, the Richemont group of companies lost its position on the stock exchange, according to a company release.

The report says that the Swiss luxury goods manufacturer, which owns the following brands: Cartier, Van Cleef, Arples, Montblanc and Iwc, ended the reporting period with a 46% drop in profit. This amounted to amounts of almost 1.21 billion euros. In addition, sales decreased by 4% to 10.65 billion euros. Net profit for 2016, net of income from the merger decreased by 24%.

If we consider the various business lines of the KMP group, then jewelry brands sank in sales by 2%, and watch sales by 11%. This situation is, in principle, characteristic of the entire industry as a whole.

In addition, it is reported that the turnover of Richemont brands in Europe decreased by 9%, in Japan by 2%, in the Middle East and Africa by 9%, in the Asia-Pacific region by 1%. The only market that showed growth was in America and amounted to 2% compared to the year before last.

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