China's Economic Woes Will Take Years to Work Through, Richemont CFO Says -- Market Talk

Dow Jones11-08

1135 GMT - Richemont sees potential in China in the medium term, but current troubles will take time to ease, Chief Financial Officer Burkhart Grund said. "We have a very strong negative wealth effect linked to the real estate problem in China and I think that is still persistent and will take years to work through," Grund said on an earnings call. Despite current woes, Chief Executive Nicolas Bos sees an opportunity to transform Richemont into a more agile organization. Investment in production capacities allows the group to shift production of collections depending on the evolution of sales or to change the allocation of stock from one market to another, he said. Shares are down 5.4% at 120.80 Swiss francs. (andrea.figueras@wsj.com)

(END) Dow Jones Newswires

November 08, 2024 06:35 ET (11:35 GMT)

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Investment in production capacities allows the group to shift production of collections depending on the evolution of sales or to change the allocation of stock from one market to another, he said. Shares are down 5.4% at 120.80 Swiss francs. 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Despite current woes, Chief Executive Nicolas Bos sees an opportunity to transform Richemont into a more agile organization. Investment in production capacities allows the group to shift production of collections depending on the evolution of sales or to change the allocation of stock from one market to another, he said. Shares are down 5.4% at 120.80 Swiss francs. 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