Compagnie Financière Richemont

Richemont has appointed Anton Rupert, with immediate effect, as non-executive co-vice chairman of the board. He will serve alongside Bram Schot and take oversight of strategic product and communications matters for the Maisons, while Schot will be responsible for governance matters. The split of responsibilities is intended to support long-term succession planning and to ensure a clear separation between strategic priorities and governance. » More on finanzen.net

IWC Schaffhausen is cutting 18 of roughly 800 positions and has reached agreements with all affected employees, pledging individual support. The company says it will adjust parts of its organisational structure while emphasising its continued commitment to the Schaffhausen site and further investments there. Richemont’s share reacted only slightly and was little changed. » More on finanzen.net

Deutsche Bank Research raises the target price for Richemont from 195 to 210 francs and keeps the rating at 'Buy' after strong quarterly results. Revenue was well above expectations; in the jewellery business sales growth at constant exchange rates rose by almost a quarter. The gold price, which had been a headwind, could lose influence in the second half of the year. » More on finanzen.net