Richemont reported 10.1 billion euros ($10.89 billion) in sales for the first half of 2024, stable at constant exchange rates but down 1% at actual rates, despite challenging economic and geopolitical conditions. Operating profit declined 17% to 2.2 billion euros ($2.37 billion), with an operating margin of 21.9%. Net profit from continuing operations dropped by 20% YoY to 1.7 billion euros ($1.83 billion), while a 1.3 billion euros ($1.4 billion) loss was incurred from discontinued operations due to a write-down of Yoox Net-a-Porter (YNAP) assets. Regional sales varied, with strong growth in Japan (32%) and the Americas (10%), but a 19% decrease in Asia-Pacific, primarily due to reduced demand in China. Sales slumped 27% in Greater China. Direct-to-client sales rose to 76% of total sales, aided by strategic investments in distribution and manufacturing. Foreign exchange losses and higher operating expenses impacted profitability.