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The luxury titan behind Cartier and Van Cleef posted an 18 percent drop in quarterly sales amid the coronavirus pandemic.
The Danish jeweler temporarily closed 90 percent of its stores in light of the coronavirus pandemic.
Jewelry brand Qeelin was the only bright spot due in part to a rebound in mainland China.
The watches & jewelry division was among the hardest hit, with sales dropping 26 percent.
The company denies the allegations, but said it reached a settlement to avoid spending more time and resources on the case.
The watch company has closed all its retail stores in the U.S., the U.K., and Canada amid the coronavirus pandemic.
With its stores closed in light of the coronavirus, the jeweler is cutting costs and looking to online sales to help carry it through rough waters.
The jeweler’s main focus is preparing to weather the coronavirus pandemic, said CEO Alessandro Bogliolo.
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Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.