Swiss watchmakers Audemars Piguet and Richard Mille are snapping up stakes in their franchised shops, seeking to tighten their grip on the sales network as a growing number of top brands ditch wholesalers.
Cartier owner Richemont on Friday said “yellow vest” protests in France weighed on its sales momentum in the last three months of 2018, even as growth in key markets like China kept up at a healthy pace.
Luxury goods group Richemont struck a cautious note after reporting sales numbers hurt by moves to combat the grey market and efforts by the Chinese government to discourage consumers from spending overseas.
Cartier maker Richemont on Monday named group veteran Jerome Lambert as chief executive officer, as the luxury goods group posted a 10 percent gain in the five months to Aug. 31 on strong Asia revenues.
One of the abiding mysteries in luxury is the far greater ability of Paris brands to outperform their venerable, respected and often very classy London rivals. Dunhill may be about to become a significant exception.
The growing importance of ‘hard luxury’ was further illustrated on Thursday as Yoox-Net-A-Porter’s high-end menswear arm Mr Porter announced the launch of its new watches offer combining commerce with content.
Luxury goods group Richemont said on Friday it could target strategic investments and divestments after buoyant jewelry sales made up for still sluggish watch sales, helping sales rise 8% in its fiscal year to March.