
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.
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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.
Swatch Group shares surged 5% after mid-year results on Wednesday in which the watchmaker issued a positive outlook regarding its biggest markets and reported progress in curbing grey market sales.
The International Talent Support Contest will hold its 17th edition on July 12 with 26 young designers from 15 countries and the contest’s first ever prize dedicated to sustainable development.
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.
Swatch Group said business slowed in the last three months of 2018 hit by a downturn in Asia and weak sales in France, leading it to post lower-than-expected results for the full year.
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.
The Swiss watch industry faces an increased threat from a new Apple Watch able to detect heart problems that is likely to appeal to older shoppers, industry experts said on Thursday.