On Friday, Swiss group Richemont, the world’s second-largest luxury group, announced the acquisition of Italian jeweller Buccellati from Chinese group Gangtai Holding, without disclosing the value of the transaction.
Richemont, France's second largest luxury group, announced on Tuesday the departure of Eric Vallat, the head of its fashion and accessories division. Vallat will pursue professional opportunities outside of the group.
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.
The YNAP buy lit a rocket under Richemont sales last year, but it dented profitability. Yet the group remains strong with jewellery and watches buoyant while Chloé and Dunhill have seen good reactions to new products.
In the third episode of the LuxurynsightXFashionNetwork.com podcast series, Godfrey Deeny talks with Galeries Lafayette’s former international marketing manager about the new expectations of Chinese consumers.
The chief executives of Van Cleef & Arpels, De Beers and Tiffany & Co see strong growth prospects for lab-grown diamonds as fashion accessories but warned that they should not be compared with natural diamonds.
Richemont’s former CEO is the first guest of the FashionNetwork.com/Luxurynsight podcast series, in a striking interview with Godfrey Deeny on the meaning of luxury and on de Quercize's vision of the industry.