Home Tags Richemont
Cartier will have its own platform and others are using a portal created by Watches & Wonders Geneva.
Share prices for the major luxury conglomerates have risen sharply this week as hopes rise that the spread of Covid-19 Coronavirus is being contained.
LVMH's share priced dropped by 5% on Monday as a surge in Coronavirus cases was reported in Italy. Swatch Group and Richemont were down by similar percentages.
Swatch Group gets thrifty, LVMH splurges, Rolex and Patek stick with Baselworld, Richemont returns to Watches & Wonders, while Breitling and Audemars Piguet go their own way.
Specialist watchmakers, which includes timepieces from IWC, Cartier, Jaeger-LeCoultre, Piaget and Panerai, notched a 2% increase in sales to €818 million for the quarter.
The group increased sales by double digit percentages in the United States, the UK, China, Korea and Japan, which outperformed other mature markets.
The big five watch companies: Rolex, Patek Philippe, Richemont, Swatch Group and LVMH W&J are likely to have topped £1 billion in sales last year — and that is just the wholesale figure.
Sales in Hong Kong and Macau are being displaced to other markets including Europe and the United States, suggests private equity firm RBC.
Federation of the Swiss Watch Industry says exports to Hong Kong slumped by 28% in June, alone.
Richemont says it faces uncertainties over competition from both national and independent retailers.