The Savigny Luxury Index fell a further 3.8 percent this month. The outlook for the luxury goods sector darkened as disappointing results from industry leader LVMH showed how the strong euro and political protests in Hong Kong were curbing spending and hitting profits.
The Savigny Luxury Index fell 2.2 percent over the month, as adverse foreign exchange movements continue to weigh on the luxury sector’s growth.
ZURICH, Switzerland — Swatch Group AG, Switzerland’s largest watchmaker, will probably fall short of double-digit revenue growth this year amid unfavorable foreign exchange rates, Chief Executive Officer Nick Hayek said.
The Savigny Luxury Index fell 2.2 percent this month, as the standoff between the West and Russia over its annexation of Crimea sparked fears of a drop in luxury goods sales to valuable Russian tourists.
BASEL, Switzerland — Swiss watchmaker Swatch Group SA
BIEL, Switzerland — Swatch Group AG, the biggest maker of Swiss watches, reported a 17 percent increase in 2013 earnings as it won compensation from Tiffany & Co. in a legal battle over a failed alliance.
GENEVA, Switzerland — After 2013 marked the slowest sales growth since the global financial crisis, companies from Audemars Piguet to Richard Mille have said they are targeting women, seeking to secure new customers from a segment that only accounts for 35 percent of sales at the moment.
ZURICH, Switzerland — The emergence of smartwatches, gadgets allowing the wearer to check text messages or capture video, is an opportunity rather than a threat for traditional watchmakers, the head of Swatch Group told Reuters on Friday.
The Savigny Luxury Index lost ground in October, as consumer appetite for mega-brands continues to cool and management changes shake up the industry.
Market sentiment has turned back in favour of the luxury sector, driven by solid second quarter results, reports Pierre Mallevays of Savigny Partners.
BIEL, Switzerland — Swatch Group AG, the maker of $50 colorful namesake watches as well as $5,000 Omega timepieces, said it expects a strong second half after first-half profit rose 6.1 percent.
LONDON, United Kingdom — The Savigny Luxury Index (“SLI”) lost 1.5 percent in April, underperforming the MSCI World Index (“MSCI”) by almost two percentage points. Luxury spending in Europe has been hit by a drop in tourist demand, as well as price increases by brands seeking wider margins. The unusually cold weather, particularly in March, also contributed to weak demand for Spring/Summer ready-to-wear collections.