Gem-Set Watches Shine Amidst Luxury Downturn
Gem-set watches are taking center stage at this year’s Watches and Wonders fair, despite a broader downturn in the luxury goods market. According to a recent report by Bain & Co., jewelry remains a resilient category, with significant growth reported by major houses like Richemont and impressive performances by brands such as Cartier and Van Cleef & Arpels. High-end watchmakers are integrating precious materials and intricate designs, blending the boundary between timekeeping and fine jewelry. This trend underlines the enduring appeal of investment-worthy luxury items that combine both beauty and functional prestige.
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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.
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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.
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