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.