Richemont, the maker of Cartier watches, beat forecasts with a 12 percent drop in its full-year operating profit, boosting shares, but cautioned it faced tough markets and said its head would step down this year.
An exhibition of luxury watches opening this week will attempt to lure cash-strapped buyers back into jewelry stores to boost sales. The exhibition, "Time and the Jeweler's Art", by the National Jewelry Institute runs...
Luxury goods giant Richemont said Monday that demand fell "dramatically" during the final quarter of 2008, especially in the United States, in the toughest market conditions seen in the group's 20 year history.
The emerging markets miracle will not be enough to prevent 2008 from being the year the Swiss watchmaking industry will suffer its first significant slowdown in half a decade. And 2009 is not looking any better.
Luxury goods group Richemont said it was well positioned to cope with the economic downturn as the rich still spent lavishly, but a softening in the United States weighed on its stock. By 0826 GMT (9:26 a.m.