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Richemont's profit plummets on low sales

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Johannesburg - Swiss luxury goods group, Richemont’s profit plummeted by 46% according to the 2017 financial report released on Friday.

Bottomline for 2017 was reported to be €1.21bn (R17.6bn), down from €2.22bn (R32.35bn) in 2016. The decline was mainly due to the merger of its subsidiary NET-A-PORTER with YOOX to form an online retailer company, the group explained in its announcement to shareholders.  

Analysts expected the group to report "lacklustre" performance. 

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