Industry News - Richemont Forecasts Lower Profits in Watch Business

Richemont, the Swiss luxury goods group, announces that trading in recent months has continued to suffer from the depressed economic climate, particularly in the Group’s two core areas, jewellery and watches.

As such, Richemont will be announcing restructuring charges of over 50 million Euros. It is expected that the Group’s operating profits will be up to 40% lower than last year (profits were 482 million Euros in 2002).

Richemont is the owner of Cartier, Piaget, Jaeger-LeCoultre, Baume & Mercier, IWC, Vacheron Constantin, Dunhill, Montblanc, Panerai and A. Lange & Sohne.

3/26/03