Cartier, the luxury jeweler owned by Cie. Financiere Richemont SA, raised its Russian prices by as much as 50 percent after the ruble plunged to a record low.
In China’s fashion market, making a statement used to be a matter of muscle and might. But ‘doing things big’ is no longer the only way to succeed.
Compagnie Financiere Richemont SA, which sells Cartier watches and other luxury brands, won a U.K. court ruling that orders Internet providers to block websites selling counterfeit goods, in what a judge said was one of the first cases of its kind in Europe.
GENEVA, Switzerland — Cie. Financiere Richemont SA, the maker of Cartier jewelry and Montblanc pens, reported unchanged full-year earnings, capping three years of growth, after China cracked down on bribery and extravagance among government officials.
CHIASSO, Switzerland — As luxury watchmakers seek to keep increasing sales while preserving exclusivity, they are taking a leaf out of the haute couture book, making watches to order with anything from diamond stars to fully personalised shapes and decorations.
The China Edit is a weekly curation of the most important fashion business news and analysis from and about the world’s largest luxury market.
PARIS, France — French billionaire Bernard Arnault wants you to spend the night and eat his pastries. After decades of acquiring luxury goods that consumers can drink and wear, the chairman of LVMH Moet Hennessy Louis Vuitton SA last week bought a five-star hotel in St. Barths and in June added a storied Milanese cafe, accelerating his push to meet all his well-heeled clients’ earthly needs.
ZURICH, Switzerland — Richemont boss Johann Rupert has promised to switch off his phone when he takes a break from the company in September. For the South African billionaire it will mark the start of a year-long sabbatical. For his younger managers, it will mark the start of a 12-month competition to show how well they can steer the world's second biggest luxury goods group in his absence - and possibly, ultimately, replace him.
With the support of L Real Estate, developer Craig Robins’ vision for Miami’s off-kilter luxury enclave is coming to life.
LONDON, United Kingdom — Louis Vuitton is losing ground as the world’s most valuable luxury brand as competitors including Gucci and Prada gain, a new research report shows.
Contrary to numerous reports, broad changes in Chinese consumer behaviour and sentiment — not the country’s much publicised anti-extravagance campaign — are the likely causes of China’s luxury slowdown, says Anne Zhang, a reporter for Chinese business magazine CBNweekly.
LONDON, United Kingdom — The Savigny Luxury Index (‘SLI’) increased by almost 3 percent in November, while the MSCI World Index (‘MSCI’) slipped nearly 1 percent for the month. From mid-November, global markets and the SLI enjoyed a strong rally on better economic news from China and hopes that the US might avoid the feared fiscal cliff. Big news A flurry of positive economic newsflow has lifted investors’