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Group highlights

  • Group sales and operating profit at an all-time high of € 19 953 million and € 5 031 million, respectively

  • Increased proposed dividend of CHF 2.50 per 1 ‘A’ share / 10 ‘B’ shares and additional special dividend of CHF 1.00 per ‘A’ share/10 ‘B’ shares

  • Appointment of Chief People Officer and CEO of Regions as well as Chief Sustainability Officer to the Senior Executive Committee

  • Continued progress on ESG commitments: 97% renewable electricity achieved globally, and polyvinyl chloride (PVC) removed from products and packaging

  • Strategic agreement with FARFETCH and Alabbar to create a neutral industry-wide platform and advance the realisation of the Group’s Luxury New Retail vision; YNAP reclassified to ‘discontinued operations’

Financial highlights

  • Sales up by 19% at actual exchange rates and by 14% at constant exchange rates, driven by retail, up 22% at actual exchange rates (+17% at constant exchange rates), representing 68% of Group sales

  • Sales growth across all regions, distribution channels and business areas, at actual and constant exchange rates

  • Growth resumed in Asia Pacific with sales up 6% at actual rates (+1% at constant exchange rates); double-digit increases in all other regions at actual and constant exchange rates, led by Japan and Europe

  • Double-digit sales increases across all distribution channels and business areas at actual exchange rates, and almost all business areas at constant exchange rates

  • Operating profit, up 34% to € 5 billion, including non-recurring items of € 66 million net, leading to an increased operating margin of 25.2%:

    • Jewellery Maisons generated 21% sales growth at actual exchange rates (+16% at constant rates) and 35% operating margin;

    • Specialist Watchmakers grew sales by 13% at actual exchange rates (+8% at constant exchange rates) achieving a 19% operating margin;

    • ‘Other’ business area (predominantly F&A Maisons) delivered strong sales growth (+19% at actual exchange rates, +13% at constant exchange rates) and a € 59 million operating profit (of which € 94 million for the F&A Maisons).

  • 60% increase in profit for the year from continuing operations to € 3 911 million; € 3.6 billion loss from discontinued operations primarily resulting from the € 3.4 billion non-cash write-down of YNAP net assets

  • Solid net cash position of € 6.5 billion


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