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Let's look at some of the socks on the move today here in Europe. I'm Callen Hepget with Lizzie Burden. We're joined by our reporter Clone Malay. Good morning, Good morning, So Richmore the results out today, how are investors reacting well?
Richmore really confirmed its status this morning as a standout performer in that luxury sector, so as sales came in better than expected, and that was driven in particular by very good demand for a Cartier jewelry. And so the reason why Richmore is doing that much better that than it's peers is is because of that focus on jewelry, because it's often seen as a better investment than you know,
expensive clothes or expensive bags. And so when people really want to splash out, then they tend to do it more with maybe a nice necklace, nice bracelet. And so that place is a litch more in quite a sharp a contrast with what we've heard from other luxury players.
So evmah Caring, et cetera. All of those companies have had a tougher time lately, especially with the war in the Middle East really hitting those cells, and so the assumption now among investors among analysts is that the luxury rebound that was hopedful this year might actually be delayed a little bit. Further, Ashmore is exposed to the Middle ease.
It gets about nine percent of its revenue from the Middle East in Africa, and sales did start to slip in the last quarter in this region, but the chairman said that it's not going to make or break our balance sheets, so it seems to be pretty resilient, and so that explains a big, big jump into shares this morning.
And Chloe, no deal for Pooch pweak.
We're debating how to pronounce it in the radio studio, but talk us through how the recent news has affected the share price.
Yeah, I think it's because it's Catalan, isn't it. So there's a huge drop for that company, as you mentioned, because of its merger talks with Esteloda, which have been going on since March, have collapsed and the deal apparently fell apart because of the makeup art is Charlotte Tilbury's demands regarding her compensation in that deal, So that was a really major sticking point because Tilbury sold her brand to Pooch in twenty twenty but still holds a minority
a stake. But apart from that, some analysts that already expressed some skepticism about whether that deal would actually end up happening, saying that it might be difficult for Esteloda to integrate more brands at this current time because it's currently managing a turnaround of its own as well. But the deal would have created one of the largest perfume
and skincare companies in the world. It would have been able to compete with a giant like Gloreal for example, So it is understandable that is quite a bit of disappointment from investors this morning, and that explains what we've seen the shares for Pooch for the most since their IPO in twenty twenty four.
Yeah, okay, really interesting on the other demands from one part of the business and what it has meant in terms of Evonic, So moves there tell us about what this business does.
Firstly, Oh yeah, so Ivonic is a specialty chemicals company, so it supplies and markets like farm and animal nutrition there's a bit of weakness across that chemical sector actually this morning because we had a note from JP Morgan saying that sector blues are expected to return for those European chemical companies and they do ungraded Evonic as part of that, alongside other firms as well. So chemical companies
have had a pretty good earning season. They were able to pass on a rising raw materials costs onto customers. They also really benefited from clients as stockpiling to avoid shortages because those clients had anticipated that they would be supplied chain disruptions and price hikes later. So chemicals companies
in Europe had really benefited from that. But the analyst from JP Morgan are saying that some recent data suggests that actually any near term tailwinds from the Iron War might actually be lower than expected and might also already already be fading possibly, and so the fact that this boost from the iround war might actually be more short lived than originally expected, that's being taken as quite a negative for Ivonic, and so we're seeing that down this morning.
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