There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
Another conglomerate calls retailers ‘cautious’
The luxury conglomerate that owns Girard-Perregaux and JeanRichard said that the third-party distributors that buy its watches remain “cautious” in their purchasing, echoing the sentiment expressed by LVMH earlier this month.
Paris--The luxury conglomerate that owns Girard-Perregaux and JeanRichard said that the third-party distributors that buy its watches remain “cautious” in their purchasing, echoing the sentiment expressed by LVMH earlier this month.
Kering reported Thursday that sales in its luxury segment rose 4 percent year-over-year in the third quarter and are up 5 percent year-to-date due to a “strong sales uptrend in our network of directly operated stores,” Chairman and CEO François-Henri Pinault said.
Sales in the company’s jewelry and timepieces division, however, were “more mixed, mainly resulting from cautious third-party distributors in the timepieces sector and high comparisons bases for (its jewelry brand) Boucheron.”
In addition to Girard-Perregaux and JeanRichard, Kering also is in the process of purchasing Ulysee Nardin, with that transaction expected to be finalized in the fourth quarter.
Paris-based LVMH Moët Hennessy Louis Vuitton has made similar statements the past two quarters, stating at the conclusion of its latest quarter that, “Watches [particularly Hublot and TAG Heuer] continued to be impacted by the cautious purchasing behavior of multi-brand retailers in an uncertain economic environment.”
In addition, reports surfaced in September that Richemont, which owns a number of high-end watch brands as well as Cartier and Van Cleef & Arpels, was cutting staff hours in its Cartier watch production and assembly division.
Kering’s other holdings in luxury include jewelry brands Boucheron, Pomellato, Qeelin and Dodo, as well as fashion brands including Gucci, Yves Saint Laurent and Alexander McQueen.
Overall, the company’s revenue increased 4 percent on a comparable basis to $3.29 billion. Sales also are up 4 percent through the first nine months of the year.
The Latest
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
Ho Brothers offers scalable solutions for the future of custom jewelry.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."
Elvis gave the watch to actress Dodie Marshall after filming “Easy Come, Easy Go.”
The Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design was presented to a graduate of the GIA school in Taipei.
The man was charged with money laundering in connection with the theft of gold, silver, and platinum over the course of three years.