Business News

Shares of luxury goods group Richemont closed higher on Friday as it announced strong sales growth amid weaker profitability in its 2019 fiscal year, which ended March 31.

Last year, Richemont purchased online pre-owned watch retailer Watchfinder, as well as online luxury destination Yoox Net-a-Porter. It also recently announced a joint venture with ecommerce giant Alibaba, though it continued to provide few details on that arrangement on its earnings call. With the acquisition of the online retailers, 16% of Richemont’s sales are now online.

Total watches sales in 2019 reached €5 billion.