November 8, 2019 / 9:03 AM / 13 days ago

BRIEF-Richemont CFO says wants to focus on developing own jewellery brands

Nov 8 (Reuters) - Compagnie Financiere Richemont SA:

* CFO SAYS WANTS TO FOCUS ON DEVELOPING ITS OWN JEWELLERY BRANDS VAN CLEEF, CARTIER, NOW ALSO BUCCELLATI

* CFO SAYS HONG KONG REMAINS AN IMPORTANT MARKET FOR US, LOOKING AT LOWERING RENTAL COSTS THERE

* CFO SAYS NOT ACTIVELY DEFINING ACQUISITION TARGETS, BUT WE HAVE RARELY BUILT BUSINESS FROM SCRATCH

* CFO SAYS HAVE ALWAYS BEEN OPEN TO ACQUISITION ACTIVITY, WILL SPEND MONEY WHEN WE SEE AN OPPORTUNITY

* CFO SAYS HAS NEVER SOLD STOCK TO FINANCE AN ACQUISITION, DOESN’T WANT TO SPECULATE ABOUT THE FUTURE

* CFO SAYS NO PLANS TO ABANDON HONG KONG MARKET THAT IS ALSO IMPORTANT FOR LOCAL CLIENTELE

* CEO SAYS STILL MONITORING WATCH INVENTORY LEVELS AT THIRD-PARTY RETAILERS VERY CLOSELY

* CEO SAYS SELL-OUT OF WATCH BRANDS HIGHER THAN SELL-IN, STOCK LEVELS ARE GOING DOWN

* CEO SAYS NO PLANS TO CUT JOBS IN WATCH BUSINESS

* CFO DECLINES TO COMMENT ON WHETHER COMPANY HAS HIRING FREEZE IN PLACE Source text for Eikon: Further company coverage: (Reporting By Michael Shields)

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