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Feeling the pinch from a tough trading environment, luxury goods retailer Richemont has announced restructuring measures, including the closure of stores. Richemont Asia sales have declined despite a 26 per cent increase in sales in Mainland China. Global…
Swiss luxury watch and jewellery retailer Kirchhofer is up for sale, Reuters reports. The family owned company, with annual sales of about US$302 million, is thought to produce a net profit of around $60 million annually. Reuters reported that three…
With sales slipping in the industry’s largest market, the annual Watches & Wonders exhibition in Hong Kong may be cut back to every two years. High-end watchmakers are looking at a shift in strategy in Hong Kong in the face of the most severe downturn the…
Luxury goods retailer Richemont has reported its first drop in Christmas retail sales in seven years, citing a downturn in Asia and fallout from the Paris terror attacks. And worse may be in store in the fourth quarter for the Geneva-based owner of luxury…
Richemont – Swiss parent of luxury brands like Cartier, Dunhill and Montblanc – is blaming a Hong Kong sales slump for a tough half year ahead. Reporting its half year figures on Friday, the company said it expected a “challenging second half” which led to an…
Richemont, the world’s biggest jewelry maker, said sales growth accelerated as weaker currencies attracted big-spending tourists to Japan and Europe, spurring the stock’s steepest intraday gain in more than two years. Sales increased 4 percent excluding…
Swiss corporate luxury retailer Richemont has warned of a 36 per cent plunge in net profit in the year to March 31, blamed on “derivatives”. The loss comes despite a 10 per cent improvement in operating profit and capital gains on the disposal of assets.…
Two years ago, Richemont-owned luxury fashion brand Shanghai Tang relocated its flagship from the historic Pedder Building into a new location off the usually beaten path of die-hard shoppers. The decision was purely financial – the building’s owners ramped…
