Richemont Archives - Page 6 of 7 - Inside Retail Asia

Richemont warns of profit plunge

Luxury retailer Richemont blames derivatives for a 36 per cent profit plunge.

Hengdeli shifts focus to mid market

Chinese watch retailer and wholesaler Hengdeli Holdings is to expand into the mid market as it mainland China business grows.

‘Significant decline’ in Richemont Asia sales

Luxury retail group Richemont says third quarter sales were down 12 per cent in Asia Pacific, on a constant currency basis. The company says worldwide sales in the quarter to December 31 were flat, with growth in Europe, the Middle East and the Americas offset by a significant decline in Asia Pacific. Swiss based Richemont is the world’s second largest luxury brand company and parent of the Dunhill, Cartier, Jaeger-LeCoultre, Montblanc, and Van Cleef & Arpels brands, along with onlin…

Asia downturn hurts Richemont

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…

Watches and jewellery lack lustre in Asia

Western watch and jewellery brands are suffering from a sales slump in Asia. Swiss company Richemont, whose brands include Jaeger-LeCoultre and IWC, said Asia sales have dropped two per cent in the five months to August. Global sales of Hermes watches also dropped seven per cent year-on-year during the first half, due to weakened demand in China. Watch and jewellery sales have heavily decreased in Hong Kong due to political protests resulting in reduced tourist flow from mainland China.…

Asia Pacific offers high prospects for jewellers

Asia-Pacific will continue to dominate the global gem and jewellery markets through to 2019, according to a study. The global gems and jewellery market is primarily controlled by Asia-Pacific, with China and India being the two largest jewellery markets in the region, said research based global management consulting firm TechSci Research. “Asia-Pacific is the largest gems and jewellery market worldwide, in revenue terms, however, the industry players are facing stiff competition from unorg…

Jaeger-Lecoultre files for Indian approval

Swiss luxury watch brand Jaeger-Lecoultre has sought approval from India’s government to open single-brand stores in the country. Jaeger-Lecoultre is owned by Swiss luxury group Richemont, which also owns Alfred Dunhill, Montblanc and Cartier, amongst others. The watch brand is the first luxury brand to apply for foreign direct investment in India since the government relaxed the rules last year. Richemont’s revenue reached 10 billion euros ($13.7 billion) in 2013.

Richemont APAC slows

Richemont Group said sales growth in Asia Pacific in the first five months of the year slowed to four per cent from 12 per cent last year. The group, which owns Cartier, IWC Schaffhausen, Jaeger-LeCoultre and Vacheron Constantin, said prudent consumer sentiment reflected in slower sales in mainland China, but this was offset by good growth in Hong Kong, Macau and Japan. The crackdown on gift giving is also believed to have affected the group’s performance in China. Global sales for the …

Richemont to open own stores in India

Swiss luxury goods company seeks clearance to invest $25 million in India.

Vacheron Constantin plans China expansion

Richemont-owned watch brand not deterred by slowdown.

Chow Tai Fook ties up with Richemont

Chinese jeweller and Swiss luxury goods giant set up JV.

Richemont posts flat China sales

Swiss luxury goods giant records less favorable figures in China.