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.
The Swiss luxury group’s sales for the quarter ending December 31 grew 5 percent excluding foreign exchange effects, Richemont said in a statement Wednesday.
Richemont’s sales bounced back stronger than analysts had predicted after plunging during the coronavirus pandemic, with its jewellery division, whose brands include Cartier and Van Cleef & Arpels, leading the charge with sales up 14 percent.
In terms of geographies, Asia Pacific drove the rebound, rising 25 percent, while Europe continued to report a steep decline, down 20 percent.
The numbers are the latest sign of just how much Asia’s rising importance to the luxury sector accelerated during the pandemic, as well as indicating that in the jewellery market, luxury houses’ push to take market share from unbranded players is proceeding unabated.
The Hood By Air co-founder’s ready-to-wear capsule for the Paris-based perfume and fashion house will be timed to coincide with the Met Gala in New York.
Revenues fell on a reported basis, confirming sector-wide fears that luxury demand would continue to slow.
IWC’s chief executive says it will keep leaning into its environmental message. But the watchmaker has scrapped a flagship sustainability report, and sustainability was less of a focus overall at this year’s Watches and Wonders Geneva.
The larger-than-life Italian designer, who built a fashion empire based on his own image, died in Florence last Friday.