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.
PARIS, France — Cie. Financiere Richemont SA, which yesterday ruled out selling Net-a-Porter, may spin off the online fashion retailer on the stock market as it refocuses on luxury watches and jewelry, according to Sanford C. Bernstein.
The Savigny Luxury Index has gained good ground in September and is up by 3.7 percent, outperforming the MSCI World Index by over one percentage point, as Asian tourist flows to Western fashion hubs remain strong and the world’s largest luxury conglomerates snap up young designers, reports Pierre Mallevays of Savigny Partners.
PARIS, France — Cie. Financiere Richemont SA has appointed an adviser to sell its luxury leather-goods brand Lancel, the maker of Brigitte Bardot handbags, according to two people familiar with the matter.
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.
GENEVA, Switzerland — Cie. Financiere Richemont SA, the world’s largest jewelry maker, reported slower revenue growth for the first five months of its fiscal year that missed analysts’ estimates on lower sales in mainland China.
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.
LONDON, United Kingdom — Fabrizio Cardinali will takeover from Eraldo Poletto as CEO of Dunhill on June 1. Prior to his appointment Cardinali was CEO of Lancel, which he joined from Dolce and Gabbana.
ZURICH, Switzerland — While Richemont last week reported a 30 percent gain in annual profit as shoppers spent more on its Cartier jewelry and IWC watches, leather goods and fashion brands such as Lancel and Chloé have struggled. Earnings at Richemont’s so-called soft luxury unit fell by more than half in the last fiscal year.
LONDON, United Kingdom — Martha 'Marty' Wikstrom, chief executive of fashion and accessories at Compagnie Financière Richemont, has resigned from her post, the luxury group announced today. Richemont is the Swiss parent company of fashion, jewellery and watchmaking companies including Dunhill, Chloé, Cartier and Piaget.