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 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.
Lack of clarity over the luxury sector’s performance in 2013 and prospects for 2014 caused a dip in the first half of January, reports Pierre Mallevays of Savigny Partners.
JOHANNESBURG, South Africa — Cie. Financiere Richemont SA’s online fashion retailer Net-a-Porter may be worth as much as 2.5 billion euros ($3.4 billion) based on a comparison with the possible value of German rival Zalando AG, according to Bank Vontobel AG.
PARIS, France — LVMH said watches and jewelry head Francesco Trapani would step down on March 1, becoming an advisor to group Chairman Bernard Arnault and keeping his seat on the board of directors of the world's biggest luxury group.
GENEVA, Switzerland — Cie. Financiere Richemont SA, the maker of Cartier jewelry, reported revenue growth for the October-December months that was short of analysts’ estimates as sales in mainland China declined.
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.
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.