IWC Archives - Inside Retail Asia
As Richemont sales continue to fall, the luxury brand owner has axed its CEO role and continues to cull stores as Chinese buy fewer watches.
Luxury goods firm Richemont expects first-half profits to nearly halve after sales slip.
In a first for the market, a TimeVallee Watch Boutique has opened inside Japan Duty Free Ginza, in the Mitsukoshi Ginza Store in Tokyo.
Taubman Asia, managing the Macau Studio City retail component, has named the tenants already signed up.
Luxury retailer Richemont blames derivatives for a 36 per cent profit plunge.
Chinese watch retailer and wholesaler Hengdeli Holdings is to expand into the mid market as it mainland China business grows.
Swiss luxury retail operator Richemont says its first half earnings fell 24 per cent – largely due to slowing demand in Asia. The listed parent of a raft of brands including Piaget, IWC, Cartier and Shanghai Tang says sales in its key two markets China and Hong Kong fell two per cent year on year, eroding an increase in Europe, where the market is recovering. Asia accounts for about 40 per cent of the group’s sales. Its profit fell from €1.19 billion last year to €908 million. Sal…