0833 GMT - Shares in European luxury companies rose after Swiss luxury group Richemont reported a revenue beat across all regions, channels and divisions. The company's results come at a challenging time for the luxury industry, which is grappling with a slowdown in demand. Richemont booked sales of 6.15 billion euros for its fiscal third quarter ended Dec. 31, up 10% on year and ahead of consensus estimates of 5.63 billion euros. The stock is up more than 16% at 161.65 Swiss francs. Luxury bellwether LVMH trades 7.3% higher at 684.10 euros; Kering rises 7.4% and Hermes jumps 4.5%. Italy's Salvatore Ferragamo rises 4.7% and Brunello Cucinelli trades 3% higher. Burberry climbs more than 6%. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
January 16, 2025 03:33 ET (08:33 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.