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Richemont has been a solid performer on the JSE this year. Since November 2020, it's up over 60%. I'd say part of that success was their well-timed push into online retail.
This Technavio report suggests that the online jewellery market will advance by $20bn from 2020 to 2024, representing growth of 15% per annum.
Buying jewellery online was not exactly a no brainer when Richemont first bought into luxury online specialist Net-A-Porter in 2010. Net-A-Porter was merged into Italian rival Yoox in 2015. Richemont gobbled up the rest of the shares in the combined entity in 2018.
Online retail now represents 18% of Richemont sales and is growing at a double digit rate each year.
