Switzerland-based luxury conglomerate Richemont Group has just issued its trading update for the six months ended 30 September 2024. The Group delivered an overall stable performance with flat sales at constant exchange rates and -1% at actual rates, at EUR 10.1 billion. At EUR 2.2 billion, profit is down 12% at constant rates and down 17% […]
Following the announcement yesterday of decreasing sales for the Swatch Group, particularly impacted by the industry’s challenging situation in China and South East Asia, it is time today for one of its main competitors, Richemont Group, to announce its sales for the first quarter ended 30 June 2024. Contrary to expectations, global sales are to […]
One of the watch industry’s biggest conglomerates has played musical chairs this week, with a new group CEO appointed and brand CEOs moving around.
The post Richemont’s CEO reshuffle signals a new future for the luxury group appeared first on Time+Tide Watches.
The post Richemont’s CEO reshuffle signals a new future for the luxury group appeared first on Time+Tide Watches.
Following the appointment a few weeks ago of Nicolas Bos as the new CEO of the Richemont Group (replacing Jérôme Lambert), the luxury conglomerate once again announces changes in managing positions, with a new CEO for its jewellery/watchmaking brand Cartier. Effective 1st September 2024, Louis Ferla (ex-Vacheron Constantin) will take over Cyrille Vigneron as Chief […]
While the global economic situation might feel rather pessimistic, the luxury business and the watch and jewellery industry continue to post strong results for the year 2023. Following the announcement of a record year for Swiss watch exports in 2023, as well as strong revenues for both LVMH and the Swatch Group, it is now […]
The Federation of the Swiss Watch Industry has just released their export statistic for 2023 – December ended the year on a positive note with exports up 5.5%. For the year as a whole, the industry exports recorded an increase of 7.6% compared to 2022, reaching their highest level ever at CHF 26.7 billion for […]
Switzerland-based luxury conglomerate Richemont Group has just issued its trading update for the nine months ended 31 December 2023. The group, which includes brands such as Cartier, IWC, JLC and Vacheron, reports sales up by 8% at constant exchange rates and by 4% at actual exchange rates to EUR 5.6 billion for the last quarter […]
Switzerland-based luxury conglomerate Richemont Group has just issued its trading update for the six months ended 30 September 2023. The Group delivered a solid performance with sales up 6% at actual exchange rates and 12% at constant exchange rates. Sales and operating profit from continuing operations were of EUR 10.2 billion and EUR 2.7 billion, […]
Following 2022 with impressive growth for the industry (a record year for exports) for luxury groups involved in watchmaking and jewellery (LVMH, Swatch), indicators and analysts were not so confident regarding the outlook for 2023. Growing inflation, geo-political tensions and a potential economic contraction could have led to lower sales. However, following the announcement by […]
Richemont Group, the luxury powerhouse behind Cartier, IWC, Jaeger-LeCoultre, and more, like most conglomerates operating in the luxury industry, has been dramatically impacted by the current sanitary situation and the COVID-19 pandemic with sales down 16% over the first 9 months of its current financial year (April-December 2020). Still, the group has released this morning […]