Richemont mixed good news with bad on Friday as it delivered its full-year results, with the giant luxury group reporting resurgent demand in China on the reopening of its stores, but also a profits plunge.
It is hard to imagine a more venerable luxury brand than Cartier, which has a reputation for artisanal excellence second to none. Yet, the majority of its audience is that lodestone of modern marketing, millennials.
One of the abiding mysteries in luxury is the far greater ability of Paris brands to outperform their venerable, respected and often very classy London rivals. Dunhill may be about to become a significant exception.