Amazon Web Services (AWS), an Amazon.com, Inc. (AMZN) company, has been selected as the preferred cloud provider by Compagnie Financiere Richemont SA to modernize its infrastructure through digital transformation. This, in turn, will offer exclusive customer experiences and enhance Richemont’s global operations.
Richemont, a Swiss luxury group and owner of prestigious brands and businesses recognized for their excellence in jewelry, watches, fashion and accessories, executed its plan of moving its complete enterprise IT infrastructure to AWS.
Richemont’s digital transformation strategy includes, shut down of its European data centers and the transfer of additional data centers in Hong Kong and the U.S. to AWS by the end of 2022. Notably, the company has planned to move more than 5,000 virtual machines and 120 SAP instances to AWS.
Furthermore, Richemont’s cloud-first strategy includes the migration of a number of services such as its enterprise IT applications and resource planning, accounting, supply chain management, manufacturing, product lifecycle management, and e-commerce systems to AWS.
Additionally, with AWS, Richemont plans to use advanced cloud capabilities, including machine learning, analytics, security, and database, to aid product innovation across its physical retail operations and e-commerce offerings.
To cater to customer needs, Richemont will also use AWS Marketplace, which is a digital catalog for organizations to discover, procure, entitle, provision, and govern third-party software.
The VP of Worldwide Commercial Sales at AWS, Greg Pearson, said, “Richemont is using AWS to drive change within its organization, which will result in the delivery of new applications and services to create exceptional customer experiences.” (See Amazon stock charts on TipRanks)
“AWS’s comprehensive set of capabilities will help Richemont reimagine the luxury shopping experience in the digital world, offering exclusive virtual experiences and personalized service for its global clientele,” Pearson added.
Wall Street’s Take
On November 22, a Guggenheim analyst initiated coverage on Amazon with a Buy rating and a price target of $4,300 (20.36% upside potential).
Consensus among analysts is a Strong Buy based on 31 unanimous Buys. The average Amazon price target of $4,095 implies 14.6% upside potential from current levels. Shares have gained 15.3% over the past year.
According to the tool, the Amazon website recorded a 30.64% monthly decline, year-over-year, in global visits in October. Moreover, year-to-date website growth, compared to year-to-date website growth in the previous year, has declined 2.39%.