The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
GENEVA, Switzerland — Richemont, the maker of Cartier jewellery and IWC Schaffhausen timepieces, reported its first decline in Christmas revenue since 2008 amid weak demand for watches in Asia.
Revenue excluding currency shifts slipped 4 percent in Richemont’s fiscal third quarter, which ran through December, the Geneva-based company said Thursday in a statement. Analysts had predicted a 3 percent decline, according to the median estimate in a Bloomberg News survey.
The maker of Montblanc pens said the fourth quarter will remain challenging. Swiss watch export figures for November bode ill for the industry’s year-end performance as shipments to Hong Kong, its largest market, slumped 28 percent.
The company, whose full name is Cie. Financiere Richemont SA, doesn’t report profit for its fiscal third quarter. Total revenue rose 3 percent 2.93 billion euros ($3.2 billion).
By Corinne Gretler; editors: Matthew Boyle, Thomas Mulier, Benedikt Kammel.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.