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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 34 to 37.Analyst Certification on page 31.Price Objective Basis/Risk on page 31.12906327 Richemont In gold place Reiterate Rating:BUY|PO:190.00 CHF|Price:166.50 CHF Richemont the#1 performer in luxury Jewellery continues to be the strongest luxury produ

4、ct,and Richemont is taking share within the category.In our view,outperformance is set to continue thanks to its unique balance between(1)price increases on classic product,see Exhibit 3;(2)product extension into lower priced variations,sometimes up to 50%cheaper,see Exhibit 6;and(3)new product laun

5、ches,with Love Unlimited already being re-stocked after selling out globally,see Exhibit 4.Jewellery Maison revenues were+17%in Sept qtr,and the group was able to add 670m of revenue at constant FX.This means Richemont alone accounted for over 2/3rds of total incremental sector revenue growth(of+3%,

6、Exhibit 2)China returns to growth important for sentiment The China jewellery market has seen increased competition from local brands(Laopu Gold,as well as increased investment in heritage gold product from large incumbents like Chow Tai Fook).However,the latest results suggest there is room for bot