Stuart Hennell, Watchfinder’s Founder, Invests in British Pre-Owned Watch Specialist Subdial
Stuart Hennell, the founder of Watchfinder, has invested in Subdial, a competitor in the pre-owned luxury watch market. This investment of £1.5 million comes at a time when Watchfinder, now owned by Richemont, has seen a decline in sales and profitability. In contrast, Subdial has shown growth, increasing its sales and planning to expand its headquarters. Hennell’s investment and advisory role signify a strong belief in Subdial’s potential to outperform in this niche market, leveraging its data-driven approach and focus on collector engagement.
#LuxuryWatches, #PreOwnedWatches, #Watchfinder, #Subdial, #StuartHennell, #WatchCollecting, #WatchMarket, #InvestmentNews, #BusinessGrowth, #WatchEnthusiasts
Richemont’s Sales Dip Amid Stalled Chinese Demand Despite Jewelry Resilience
Richemont, the Swiss luxury group and owner of prestigious brands like Cartier and Van Cleef & Arpels, reported a 1% decline in sales, amounting to €4.8 billion for the quarter ending September 30. This decrease was particularly influenced by an 18% drop in sales in the Asia Pacific region, with China experiencing a notable slowdown. While the jewelry division saw a 4% increase in sales, the watchmaking sector fell by 19%. Despite these challenges, shares have risen 6% this year, buoyed by confidence in its jewelry brands. The company has also undergone a leadership overhaul to enhance strategic decision-making amid a volatile global market.
#Richemont, #LuxuryBrands, #QuarterlyReport, #JewelrySales, #Watchmaking, #MarketTrends, #LeadershipChange, #GlobalMarket, #ChinaEconomy
Mytheresa Acquires YNAP from Richemont
Richemont has finalized the sale of its troubled Yoox Net-a-Porter (YNAP) group to Mytheresa. This move comes after a series of financial setbacks and operational challenges faced by YNAP, prompting Richemont to seek a sustainable exit strategy. The deal sees Mytheresa acquiring 100% of YNAP, including its luxury divisions Net-a-Porter and Mr Porter, for a cash position of €555 million and no financial debt. In exchange, Richemont receives a 33% stake in Mytheresa and will retain influence by nominating a board member. This acquisition aims to consolidate and rejuvenate YNAP under Mytheresa’s robust operational umbrella, strategically distancing the discount segments from the core luxury offerings to streamline efficiency and profitability. The transaction, expected to close in the first half of 2025, signals a significant realignment within the luxury digital marketplace, as Mytheresa sets to enhance its global digital presence and operational resilience.
#LuxuryFashion, #Ecommerce, #Richemont, #Mytheresa, #YNAP, #DigitalTransformation, #LuxuryRetail, #BusinessStrategy, #MarketRealignment, #FashionTech
Richemont's Q1 Sales Reflect Mixed Fortunes Amid Global Challenges
Richemont's first-quarter sales for fiscal year 2024-25 show a nuanced picture of the luxury market, with overall sales slightly down by 1 percent at actual exchange rates but up by 1 percent at constant rates. While Japan showcased remarkable growth due to strong domestic and tourist spending, the Asia Pacific region, particularly China, Hong Kong, and Macao, saw significant declines due to low consumer confidence. Europe and the Americas, however, displayed resilience with growth driven by robust local demand and increased tourist purchases, reflecting the mixed fortunes across different global markets.
#Richemont, #LuxuryMarket, #Q1Sales2024, #GlobalEconomy, #ConsumerConfidence, #JapanGrowth, #LuxuryBrands, #MarketTrends
Richemont Announces New Leadership as Q4 Sales Show Mixed Results
Richemont, the renowned luxury goods conglomerate, reported a mixed performance in its fiscal fourth quarter, with a slight 1% decline in sales at actual rates and a 2% rise at constant exchange rates. Over the full year, sales grew 3% to €20.62 billion, and operating profit saw an increase of 13% at constant rates. Amidst these financial fluctuations, Nicolas Bos was appointed as the new CEO. The company's jewelry maisons, particularly Cartier and Van Cleef & Arpels, remained strong, driving much of the growth, while the watch division faced challenges from a strong Swiss franc and decreased demand.
#Richemont, #LuxuryGoods, #FinancialResults, #NicolasBos, #CEOAppointment, #Cartier, #VanCleefArpels, #LuxuryWatches, #JewelrySales, #CorporateLeadership