Richemont chairman says company still has to be cautious with its cash

Luxury goods group Richemont still has to be cautious and keep its cash in light of the ongoing COVID-19 pandemic, its chairman said during a webcast on Wednesday.

"Even at this stage at the end of August, we're still not clear as to when we'll see a therapeutic or a vaccine so we still err on the side of caution in terms of cash," Johann Rupert said in a call ahead of the Cartier maker's shareholder meeting in two weeks.