Richemont, the maker of Cartier watches, beat forecasts with a 12 percent drop in its full-year operating profit, boosting shares, but cautioned it faced tough markets and said its head would step down this year.
The watch and jewellery business Mywa has signed a licensing partnership with the sports’ brand Puma for its collection of watches. This replaces Puma’s contract with its previous partner, the Hong Kong based EganaGoldpfeil, which had expired.
Luxury goods stocks continued to slide on Tuesday 28 April as the swine flu outbreak raised fears it could hold back travellers, traditional buyers of upmarket handbags, watches and other pricey items.
At the same time as the deployment of online shopping, Hermès is considering necessary technology adaptations to sell on internet capable “smart phones”. “The technology is developing very quickly. We must take advantage," explained Charles Henri Leroy, director of client relations.
Exports of Swiss watches fell for a fifth month in row in March, with sales in the key markets of Hong Kong and the United States dropping fast as spending on luxury items shrank, data showed on Thursday 23 April.
Swiss watch exports tumbled 22.4 percent in February compared to a year ago, the Federation of the Swiss Watch Industry said Thursday March 19, with exports to the United States plunging by almost half.
IFF has announced the opening of a new high-tech centre for flavourings and perfumes on the outskirts of Sao Paolo, a way for the company to increase its presence in South America as well as increase its supply capabilities.
Jewellers and watchmakers are bracing themselves for make-or-break deals at the world's top luxury trade fair in Basel starting on Thursday March 26 as the industry suffers its worst decline in a more than a decade.