Investors are moving away from bigger groups towards smaller brands and American “affordable luxury.” Meanwhile, the jury is still out as to whether the crucial trading period from Thanksgiving to Christmas will deliver strong results, but sentiment remains positive, reports Pierre Mallevays of Savigny Partners.
GENEVA, Switzerland — Cie. Financiere Richemont SA, the owner of the Cartier brand, fell the most in more than two months after Chairman Johann Rupert said he’s very concerned that the global economy is in a precarious position.
ZURICH, Switzerland — Luxury goods group Richemont has decided not to sell underperforming businesses such as leather goods maker Lancel in part because it couldn't get a good enough price, disappointing analysts' hopes for a quick solution.
GENEVA, Switzerland — Cie. Financiere Richemont SA, the maker of Cartier jewelry and IWC watches, reported first-half operating profit that fell 0.7 percent as Asian sales growth slowed and currency swings weighed on earnings.
The Savigny Luxury Index lost ground in October, as consumer appetite for mega-brands continues to cool and management changes shake up the industry.