Swiss luxury goods group Richemont has reported a 12 per cent rise in sales in the five months to August 31 in constant currencies, boosted by jewellery and strong performances in China and Hong Kong.
Tiffany today reported its financial results for the three months (“second quarter”) and six months (“first half”) ended July 31, 2017. In both periods, modest net sales increases and improved operating margins contributed to growth in diluted earnings per share. Management maintained its sales and earnings guidance for the full year ending January 31, 2018 (“fiscal 2017”), and provided guidance for the second half of the year.
Cartier owner Richemont has sold its Chinese luxury brand Shanghai Tang to Cassia Investments, the Consumer-focused Private Equity fund, in partnership with Italian fashion entrepreneur, Alessandro Bastagli, the company said on Monday.
No value for the deal was given but Richemont, which also owns jewellers Cartier, Van Cleef & Arpels and Piaget, but "The transaction will have no material impact on Richemont’s balance sheet, cash flow or results for the year ending 31 March 2018," Richemont said in a statement. The Swiss luxury group first acquired a stake in the retailer in 1998 before taking full ownership a decade later.
Emerging consumers markets continue to drive luxury market growth and Switzerland remains one of the world leaders in the luxury industry, due to the solidity of its watch brands. Two Swiss groups are in the top 10: Richemont is second, Swatch Group sixth. The French giant LVMH, including Louis Vuitton, Fendi, Bulgari and Tag Heuer brands, ranked first with a turnover of $ 22.4 billion (CHF 22.54 billion).
The Swiss country is one of the most solid luxury markets; in total there are ten Swiss companies in the top 100, according to the fourth annual Global Powers of Luxury Goods report issued by Deloitte Global.
Richemont reported worse-than-expected results shortly before Friday’s open as the Geneva-based company said a volatile trading environment had caused its net profits to slip more than anticipated. However, the world’s second-largest luxury goods group noted an uptick in sales growth towards the end of its fiscal year, in large part attributable to easier comparisons and support from a sustainable recovery in mainland China, Reuters reported.
Sales at Richemont fell 4 percent at constant exchange rates in the year to March, missing expectations in a Reuters poll of analysts, but with a clear improvement in the second half thanks to a recovery in the United States and strong growth in China.
For months, leading luxury travel specialists, writers and executives with canadian travel agency Flight Network examined accommodations based on everything from style to first-class services to the ability to embody local culture and provide access to remarkable environments, according to a news release.
So, after highly vetting a list of nearly 1,000 luxury and boutique hotels, resorts, lodges and inns, Flight Network officially unveiled their most definitive guide to date: the 100 Greatest Hotels in the World.
Tag Heuer has followed its first Connected smartwatch with a new model that features a unique twist. The Swiss watchmaker is back with a new and highly-customizable model: the TAG Heuer Connected Modular 45, based on an Intel chip. Unlike the original Connected though, just about every part of the Modular 45 can be swapped, from the straps, to the buckles, and lugs, and even the watch module itself. That’s right, you can change the electronic module with a mechanical watch module, which not only gives you extra customization options, but it ensures that your expensive watch won’t become obsolete in just a few years.
Online luxury retailer Yoox Net-a-Porter said it’s developing technology to allow well-to-do customers to buy products directly through WhatsApp as the e-commerce market for Prada and Versace goods becomes more competitive.
As the Independent reported, the platform’s personal shoppers already message clients on the Facebook-owned service and Chief Executive Federico Marchetti says that the Milan-based company plans to expand its use of the app but did not set a date for the launch of the feature.
