Richemont Posts Flat Five Months Results, Reflecting Continued Weakness In Watch Market

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Richemont recently announced its results for the five months to the end of August, showing tepid sales growth, with a contraction in Asia and Japan.

Echoing the slowdown evident in Richemont’s 2013 results, the figures for the five months to 31 August, announced at its recent annual general meeting, are similarly desultory.  Revenue at actual exchange rates grew just 1%, due to the weakness of the US dollar and yen versus the Euro. Sales in Asia and Japan both fell, by 2% and 14% respectively. Growth in the Americas, Europe and the Middle East made up for the weakness in Asia. Wholesale sales (meaning product sold to retailers) fell by 1%, though retail sales (items sold through Richemont’s own boutiques) rose 3%.  Notably, the report mentioned strong performance at Van Cleef & Arpels, along with slow watch sales at Cartier. We predicted this slowdown in an editorial earlier this year. And we expect this to last for some time more. Also announced at the AGM was the retirement of the 80 year old Franco Cologni from Richemont’s board, after 45 years at Richemont and its predecessor companies. One of the key people in the formation of the company and its philosophy of luxury marketing, Dr Cologni has left behind an impressive machine.

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Presenting Jewellery Time 2014 in Singapore – The Biggest Display Of Jewelled Watches In SE Asia

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On 26 September, Cortina Watch will inaugurate the seventh edition of Jewellery Time  in Singapore. One of the largest collections of jewelled timepieces in the region, Jewellery Time includes several timepieces created just for the event.

Since 2000 Cortina Watch has Jewellery Time in Singapore to bring together some of the most lavished gem-set watches. Jewellery Time 2014 starts on 26 September, with 12 brands participating and over S$30 million dollars of timepieces on display. One of the biggest retailers in South-East Asia, Cortina Watch has carved out a niche for itself with the biennial Jewellery Time exhibition, the widest and most valuable collection of jewelled timepieces in the region. The 2014 edition of Jewellery Time takes place inside a gallery styled like a mansion.

The timepieces with the highest carat count in show are probably the Blancpain Léman Tourbillon on bracelet and the Piaget Limelight Aura – both of which are completely plastered with baguette-cut diamonds. Other notable complications on show include the Cartier Rotonde De Cartier Mysterious Hours and Zenith Pilot Type 20 Tourbillon. Jewellery Time 2014 is open to the public from 26 September to 5 October 2014 at the Main Atrium of Paragon Shopping Mall on Orchard Road.

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