Richemont just announced its results for the six months ended 30 September 2012 and they are superb. Amongst the highlights:

• Sales grew 21% at actual exchange rates to EUR5.1 billion
• Operating margin grew to 27%
• Highest rate of sales growth was in Europe, 23% at actual exchange rates
• Highest growth rates were in own boutiques
• Cartier and Van Cleef & Arpels together posted 31% rise in profit and a 36.7% operating margin
• Watch maisons posted 51% rise in operating profit and a 32.2% operating margin due to “Maisons’ pricing power and operating leverage in an environment where currency fluctuations were supportive.”
• Montblanc continues to underperform with a 10% rise in sales and a 2% drop in profit; most of its growth is driven by watches and currency effects

The rest of the six month report can be seen on the Richemont site. Richemont also announced changes in management. Bernard Fornas, who will be replaced by Stanislas de Quercize as Cartier CEO in 2013, will become Joint Deputy Chief Executive Officer along with Richard Lepeu. And from 1 April 2013, Messrs Fornas and Lepeu will be Joint Chief Executive Officers of Richemont with Mr Fornas overseeing the brands and Mr Lepeu running the central functions. Johann Rupert will step down as group CEO. Also, the following will Group Management Committee with immediate effect: Mr Lutz Bethge, Chief Executive Officer of Montblanc; Mr Hans-Peter Bichelmeier, Group Operations Director; Mr Stanislas de Quercize, currently Chief Executive Officer of Van Cleef & Arpels and designated Chief Executive Officer of Cartier; Mr Georges Kern, Chief Executive Officer of IWC Schaffhausen; Mr Jérôme Lambert, Chief Executive Officer of Jaeger-LeCoultre; and Mr Philippe Léopold-Metzger, Chief Executive Officer of Piaget. – SJX