WatchPro – August 2019

9

NEWS REVIEW / FRONT

watchpro.com / AUGUST 2019 / WATCHPRO

Watch sales for Richemont
dropped by 2% in the three
months to June 30 as street
protests in Hong Kong, the
largest market in the world
for Swiss watches, kept
customers away.
According to the
Federation of the Swiss Watch
Industry, exports to Hong
Kong slumped by 28% in June
while exports to America rose
by 8%, making us the largest
market in the world right now.
Quarterly sales for
the whole of Richemont,
including its engine room
jewellery and watch brand
Cartier, rose by 9% at constant
exchange rates (12% adjusted
for currency variations). The
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for Yoox Net-A-Porter and
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months for YNAP and one
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corresponding quarter last
year.
Richemont has enjoyed a
surge in its share price this
year, trading at CHF 85 today,
up 40% since December.
The group is continuing
to work on improving its
wholesale operations by
closing under-performing
accounts. This led to a 2%
drop in wholesale watch
revenue but is expected to
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the longer term as it squeezes
grey market sales.
Richemont says that
watch sales in its most recent
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the timing of new models
being released this year from
the likes of IWC, Vacheron
Constantin and Panerai.

Hong Kong

protests hit

Richemont

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glass.

As customers walk in, they will see a large RM

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RICHARD MILLE’S FUTURISTIC STORE

into three laser engraved, triple glass panels weighing

more than 1,000 pounds in total. The installation

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Manhattan.

Making the store as experiential as possible, the

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starred restaurant.