Richemont luxury group has acquired 100% of Buccellati Holding Italia S.p.A., the owner of renowned Italian jewelry Maison Buccellati, in a private transaction with Gangtai Group Corporation Ltd, a privately held conglomerate. The price of the acquisition is undisclosed. With the takeover, the luxury conglomerate adds to its brand portfolio that includes Cartier, Van Cleef & Arpels, Piaget, Montblanc, Vacheron Constantin, Jaeger-LeCoultre and Baume & Mercier.
Luxury group Richemont, owner of the Cartier and Van Cleef & Arpels jewelry brands, recorded a 10% rise in jewelry and watch sales for the year ended 31 March 2019. Jewelry sales saw progression in all regions and in all channels, with double digit increases in Asia Pacific - particularly in China - and the Americas, while watch sales increased in most regions with double-digit growth in retail, reflecting strong client demand. Jewelry and watches represent Richemont's two largest product lines at 36% and 35% of group sales, respectively.
JCK's Rob Bates writes about a recent anti-money laundering compliance oversight that cost Richmont - through one of its Cartier stores - $384,000 in a settlement with the Office of Foreign Assets Control (OFAC). "On four separate occasions between 2010 and 2011, an individual purchased jewelry from Cartier boutiques in California and Nevada", but the Cartier shops involved neglected to identify the company to which the jewelry was shipped - Shuen Wai Holdings Limited in Hong Kong - as being on the blocked list.
Richemont, the second largest luxury goods company in the world, announced sales had jumped during the April-to-August period as a result of Asia's strong performance.
Thursday June 8, the US House of Representatives approved legislation to erase a number of core financial regulations put in place by the 2010 Dodd-Frank Act, as Republicans moved a step closer to delivering on their promises to eliminate rules that they claim have strangled small businesses and stagnated the economy, writes the New York Times.
Luxury houses such as Cartier, Piaget and Chanel have launched collections on Net-a-Porter and are doing well, despite critics of the format. Cartier made a relatively risky move by placing Panthère de Cartier, a white gold diamond watch retailing for US$77,000 (HK$600,000) on the online platform Net-a-Porter. Within two weeks of the collection’s launch, the watch was sold. Of course some ‘purists’ believe that luxury products must be felt to create an emotional engagement, which is hard to replicate online.
Richemont, the second largest luxury goods company in the world, released its consolidated results for the financial year that ended 31 March 2017. Jewelry sales for the group - including Cartier and Van Cleef & Arpels - were up 7% to $4.55 billion, a growth considered rare for this section of the group’s portfolio. The report suggests the rise was partially offset by a weak watch division as watch sales dropped by 15% to $4.75 billion.
Richemont, the second largest luxury goods company in the world, just shared their trading update for the third quarter ended December 31 2016, reporting an overall 5% uptick at constant exchange rates to $3,292.5 million and a 6% rise at actual exchange rates. In Europe, sales increased by 3% in the third quarter, in contrast with the 17% decline registered in the first six months of the year. The report suggests the increase was primarily due to local sales and tourist purchases in the United Kingdom as well as strong jewelry sales across the region.
On November 14, Richemont announced they would cut 210 jobs, this following the announcement from Chairman Johann Rupert, who abolished the CEO position in the company’s biggest management shakeup since 2009.
Richemont, which owns the Cartier jewelry and watches maison among other units in the luxury sector, issued a profit warning on Wednesday after recording a drop in sales. The results reflected the challenges luxury goods companies face from weaker demand in Asia and a decline in tourism in Europe, the Wall Street Journal reported. Geneva-based Richemont said sales fell 14% for the five months through August from the previous year at actual exchange rates. At constant exchange rates, sales declined 13%.
Giant global luxury firm Richemont, which owns Cartier and Montblanc among its other subsidiaries, gives a comprehensive picture of the state of the luxury market with its results for the fiscal year ending March 31. The company's results were impacted by the power of the Swiss franc, a crackdown on corruption in China, overstocking by dealers, and the low pace of economic growth around the world as well as geopolitical uncertainty. Richemont’s sales rose 6% to €11.1 billion, while net profit was €2.23 billion, below the €2.39 billion analysts had been expecting.
LVMH jewelry brand Bulgari sees a rise in sales in the second half of this year after sales were hit as a result of the terror attacks in Paris in November."If we keep that traction through the summer, the second half could indeed be much stronger in terms of growth rate," Chief Executive Jean-Christophe Babin told Reuters in an interview. He added that the jeweler aims to grow sales by more than 10% this year. Bulgari is the world's third largest watch and jewelry maker behind Cartier and Tiffany, generating annual revenue estimated at $1.7 billion-2.25 billion.
Sales in the luxury brand's fiscal third quarter ending December 31 declined by 4% at constant exchange rates but rose by 3% at actual rates as the weaker euro compensated for lower tourist numbers in Europe following November’s terrorist attacks in Paris, a favored destination for luxury shoppers. Jewelry continued to enjoy growth across most regions and product categories, partly compensating weak demand for watches, the firm added. Richemont owns the Cartier jewelry brand as well as watchmakers including Piaget and IWC.
Rudy Chavez, veteran president of Baume & Mercier North America, is leaving the watch brand to become a vice president of Cartier, JCK reports. Chavez joined Baume & Mercier in 2003 as vice president of sales and president of its North American unit three years later. Neither Baume & Mercier nor Cartier officially commented, JCK added. Early last month, Cartier's parent company, Compagnie Financière Richemont, announced that CEO Stanislas de Quercize would step down for personal reasons, effective immediately.
Stanislas de Quercize, CEO of Cartier, will step down for personal reasons, effective immediately, Compagnie Financière Richemont announced Friday. The Swiss luxury goods holding company owns the luxury retailer. De Quercize has held the top position at Cartier since 2012 and has been with Richemont since 1990, serving in leadership positions with several brands. He will also resign from Richemont’s Group Management Committee but will remain as a Group executive, taking over the role of chairman of Richemont France.
Stanislas de Quercize, CEO of the world-famous jeweler and watch-maker which is part of the luxury goods giant Richemont, has been off work for several weeks due to health problems, Reuters reported, citing sources close to the issue. Several sources, including one of his direct assistants, said he was suffering from "burn-out," while one of Quercize's associates said it was not know when he would be returning to work. Quercize has been at Richemont for 25 years and has been head of Cartier since the end of 2012.