Richemont reported its net profit for H1 dropped on Thursday. Revenues increased by 9 percent from the same period last year.

The company's net profit for H1 was 869 million euros, down from 2,253 million euros a year earlier. Furthermore, revenues climbed to 7,397 million euros. Compared to 33 percent a year ago, the profit margin of the company decreased to 12 percent.

Richemont is a Switzerland-based luxury goods holding company. Through its various subsidiaries, Richemont designs, manufactures, distributes and sells premium products. Richemont is a publicly traded company, listed on both the SIX Swiss Exchange and on the JSE Securities Exchange.

As of 2019, Richemont has more than 28,000 employees and operates over 100 stores.

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