Strong demand in mainland China helped Cartier-owner Richemont offset a weaker performance elsewhere in its first quarter, as protests in Hong Kong hit sales, revenues fell in Europe and its watch business faltered.
France accounts for over one quarter of the total sales of the top 100 luxury corporations worldwide according to Deloitte’s 2019 report, with 9 groups listed and LVMH, L'Oréal, Kering and Chanel in the top 10.
The investment bank’s study showed that, in a sample of leading fashion groups, Italy led for number of companies, while France was top for revenue with €68.4 billion, compared to Italy’s €30.3 billion.
Luxury goods group Richemont struck a cautious note after reporting sales numbers hurt by moves to combat the grey market and efforts by the Chinese government to discourage consumers from spending overseas.
Swiss watchmaker Patek Philippe is seeing good demand across the world, its president told Reuters on Thursday, playing down industry concerns about a potential slowdown in top luxury goods buyer China.
Luxury goods group LVMH’s watch brands will be present at the next edition of the Baselworld watch fair in March, the outgoing head of its watch division told CNN Money Switzerland, adding the show needs to make changes.