Months of increasingly violent protests in Hong Kong are taking a growing toll on the city's economy, weighing on confidence and scaring away tourists from one of the world's most vibrant shopping destinations.
Strong demand in mainland China helped Cartier-owner Richemont offset a weaker performance elsewhere in its first quarter, as protests in Hong Kong hit sales, revenues fell in Europe and its watch business faltered.
One menswear brand seemingly on the rise is Dunhill, formerly a sleeping beauty in the Richemont luxury conglomerate, with creative director Mark Weston unveiling his most compelling collection yet in Paris on Sunday.
Revenue for the Italian leather goods group led by Marco Palmieri soared to €147.5 million in 2018-19 driven by Lancel, with a net financial position of €25.6 million. The revenue target for 2019-20 is €160 million.
The YNAP buy lit a rocket under Richemont sales last year, but it dented profitability. Yet the group remains strong with jewellery and watches buoyant while Chloé and Dunhill have seen good reactions to new products.
At the Hyères Festival, Natacha Ramsay-Levi, creative director of Chloé and chair of the event’s fashion prize jury, enjoyed an off-the-cuff conversation about contemporary fashion design with FashionNetwork.com.
The late German designer's namesake brand has announced the appointment of Nicolette Veendorp as its new sales director, a role to which she brings years of experience gained at luxury group Richemont.
France accounts for over one quarter of the total sales of the top 100 luxury corporations worldwide according to Deloitte’s 2019 report, with 9 groups listed and LVMH, L'Oréal, Kering and Chanel in the top 10.
Hanneli Rupert, daughter of Johann Rupert, chairman of Cartier and Richemont, has emerged as a countercurrent voice defending the use of exotic leather while the rest of the industry has been moving away from it.