Richemont shares plummet after expectations omit YNAP sale

Share in Richemont fell sharply on Friday, the lowest in two years since the pandemic, after the luxury group missed expectations and failed to address the uncertainty regarding its divestment of YNAP, the online luxury and discounting sites.

Last year discussions emerged with Farfetch as a possible contender, but complications with various stakeholders have led to no concrete sale. With full-year profitability missing expectations shares tumbled, as operating margins were below forecasts.

The war in Ukraine has meant halting sales in Russia, adding 168 million euros as a loss. Recovery of sales in China has also been slower, with 40 percent of stores closed during the current lockdown.

Shares were trading at 10 percent lower on Friday morning.