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Business News: Richemont Six-Month Watch Sales Plunge 38% SJX Watches
Cartier Nov 7, 2020

Business News: Richemont Six-Month Watch Sales Plunge 38%

Richemont just reported its sales for the first half of the financial year – the six months to end September 2020 – and most of the numbers are in the red. The Swiss luxury group that owns Cartier and IWC saw sales fall 26% year on year, though the quarterly numbers show a gradual recovery. Sales were down by 47% in the first quarter but recovered enough to dip just 6% in the second quarter, owing to a gradual reopening of the economy. This no doubt inspired optimism amongst investors, who sent the group’s share price up almost 9% by the close of trading. Optimism notwithstanding, the declines extended to all performance metrics. Operating margin fell sharply to just 8.3%, almost half that for the same period in 2019. The falls in sales and margins collectively led to stark, 82% fall in operating profit. Net profit cratered, going from €869m in the first half of 2019 to just €159m. Beyond the negative numbers, the report was also notable for what it did not include. With rumours swirling about changes to Richemont management at the very top level – particularly about the tenure of chief executive Jerome Lambert – it was widely speculated the results announcement would include personnel changes, but nothing was forthcoming. Woe for watches and everywhere but Asia The global pandemic meant a global fall in sales, but with drops varying from region to region. As expected, Asia Pacific performed the best, with sales falling just 4%. Negative growth in the fir...

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The Hublot Classic Fusion 40 Years Anniversary yellow gold Time+Tide
Patek Philippe have all incorporated rubber Oct 13, 2020

The Hublot Classic Fusion 40 Years Anniversary yellow gold

Brands such as Rolex, Richard Mille and Patek Philippe have all incorporated rubber into their high-end watches, but there can only be one pioneer who got the party started. Forty years ago, Hublot founder and designer Carlo Crocco took the watch world by storm, pairing a porthole-inspired yellow gold watch with a rubber strap integrated … ContinuedThe post The Hublot Classic Fusion 40 Years Anniversary yellow gold appeared first on Time+Tide Watches.

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