The coronavirus crisis delayed changes to the board of Compagnie Financière Richemont as well as its business strategy, according to the group’s chairman Johann Rupert.

“The new profile of the board must reflect the opportunities and challenges that we’re facing, evolving tastes, consumption habits, digital, Chinese clientele, cyber criminalities, diversity and inclusion matters, training needs, change management,” Rupert said.

“So we will be changing the board and we would have started this year but we need time to also transition the committees,”.

Noting that he had urged caution early on in the coronavirus crisis when it became clear that the group’s cash flow was being “badly affected,” by the drop in consumption, the executive said that at the end of August, there remains uncertainty over when a treatment or vaccine might emerge to prompt consumers to resume traveling and spending money. Continue reading →

Sales at Compagnie Financière Richemont nearly halved in the first quarter to 1.99 billion euros, despite double-digit growth in China fueled by jewelry and fashion. Sales fell 47 percent in the three months to June 30 due to store and workshop closures, anemic tourism and a lack of appetite for hard and soft luxury worldwide during the pandemic.

China was the outlier, growing 49 percent in the period. As a whole, the Asia-Pacific region was down 29 percent, with sales of 1.01 billion euros, and was Richemont’s largest market in the period.

In Europe, sales fell 59 percent to 436 million euros, with all markets impacted by public health protection measures, as well as by subdued local demand and a lack of international tourism. In the Americas region, sales were down 61 percent to 277 million euros, while in Japan they fell 64 percent to 112 million euros.

The Middle East and Africa region fared slightly better, with sales falling 38 percent, partly reflecting advanced purchases in anticipation of Saudi Arabia’s VAT increase on 1 July. Continue reading →

Setting the bar for luxury in a coronavirus era, Cartier has called on a diverse cast of assured stars for this year’s blockbuster watch launch for the label the new Pasha edition that kicks off in China.

Rami Malek, Troye Sivan, Willow Smith, Maisie Williams and Jackson Wang for the campaign, which includes a movie with all five discussing creativity and achievement, as well as short films featuring each one, and images by photographer Craig McDean, all set to flood social channels starting July 1 in China. Continue reading →

Cartier to Launch New Santos-Dumont Watch on Tmall’s Luxury Pavilion. As high-end labels clamor for a piece of China’s online market all the more important, with much of the world at a standstill Cartier is drawing on its partnership with Tmall’s Luxury Pavilion to launch a new Santos-Dumont watch model on the Alibaba e-commerce platform.

Dior debuted its Gem Clutch, a satin purse adorned with a jeweled flower, on WeChat last week before rolling it out in other markets, while Louis Vuittion promoted its summer 2020 collection through livestreaming on Xiaohongshu, a popular social-commerce platform. Continue reading →

Kate and Meghan own Cartier watches worth thousands of pounds – which is most expensive? Meghan Markle, 38, and Kate Middleton, 37, are both married into the Royal Family, and so have access to many luxuries in life. They both love Cartier watches, but whose is worth the most?

Meghan Markle and Kate Middleton are both style icons in their own rights. Since marrying into the Royal Family they have inspired items to sell out from a number of brands.

Their wedding dresses have inspired many, and Meghan guest edited the famous September Issue of British Vogue this year. Both women have penchant from watches from the same French brand, Cartier. Cartier is a jeweller founded as far back as 1847. It is now synonymous with expensive items, especially women’s watches. The brand also has a history long linked with the British Royal Family. Continue reading →