Cartier now is "a healthy business" with "healthy operating margins," Grund said. Rupert, however, did remark in his commentary on "growing volatility in consumer demand, partly attributable to an uncertain economic and geopolitical environment." "For the past two years, Richemont has taken extraordinary measures to eliminate excess watch inventory from global markets that had built up due to the slowdown of 2015-16. Richemont has refocused and repositioned Cartier under CEO Cyrille Vigneron, who took over three years ago. The Swiss watchmaker Richemont has destroyed nearly €500m (£437m) of its designer timepieces over the past two years to avoid them being sold at knockdown prices.. "The clear mission of Cyrille Vigneron and his team was to bring Cartier back to what it was and what it stands for," Grund told the analysts. "Watch sales grew strongly in Cartier's stores, benefitting from the successful Panthère and relaunched Santos collections," Rupert wrote. Excluding the acquisitions, group sales rose 8% at constant exchange rates to €5.94 billion ($6.89 billion). Coincidentally, this also makes it the second-largest luxury watchmaker, falling only behind LVMH, which is a parent to Louis Vuitton, Hublot, and TAG Heuer.. ZURICH, Switzerland — Swiss luxury goods group Richemont SA said on Friday it is to buy Watchfinder.co.uk Limited, in another sign that luxury watchmakers are trying to tap into a fast-growing market for pre-owned timepieces.. British-based Watchfinder, with about 200 employees, provides a platform to research, buy and sell premium pre-owned watches, online and through … THE TROOPS MALO. Jaeger-LeCoultre has been in the family of Richemont Group watch brands since 2000.Whether you prefer Cartier or Panerai, IWC or Jaeger-LeCoultre, or are even drawn to the unique stylings of Roger Dubuis, you’ll appreciate our[…] there is one thing that makes this piece stand out, “the flying tourbillon” which enables Cartier to be favored by many collectors. Mainland China is the second largest market for Richemont products, after the United States. Following the monthly announcements made by the FHS regarding Swiss watch exports and half-year results by Swatch Group a couple of days ago, it is now time for the other giant of the Swiss watch industry, Compagnie Financière Richemont SA, to announce its first-quarter 2020 results… And, as expected with the current sanitary situation, lockdown … And if we extend this comparison to the second-hand market, the similarities are plain to see: there were 320,000 new-car registrations in Switzerland in 2016 versus the 870,000 used cars that changed hands in the same year.Watchfinder isn’t the only one surfing the wave. Indeed, sales of pre-owned watches are expected to eventually exceed new watch sales. Anyone even half-interested in the watch business knows that the make-or-break factors are distribution and capturing new audiences. Richemont also owns leading online distributors YOOX NET-A-PORTER GROUP and Watchfinder & Co.Our objective is to ensure the talented and skilled people that join us have successful and diversified development opportunities along their career path, nationally and internationally, where they can build both their skills and the know-how of our Maisons. The second deal puts the group in a strong position on the pre-owned watch market, which is likely to heat up as millennials continue to drive growth of second-hand sales.Richemont has spent close to €500 million on inventory buyback in the past two years, and for some the Watchfinder takeover is an opportunistic deal which, considering it adds no more than a fraction to the half a billion already invested, will enable the group to offload these watches relatively painlessly (Vontobel Bank has put a figure of around €110 million on the transaction, which should be weighed against Richemont’s €5.2 billion of net cash). Nowadays, it’s possible to pick up a basic pilot’s watch for about $5,000 new, with the Big Pilot starting at about $12,000. Furthermore, specialist platforms such as these, which deal only in certified pre-owned timepieces, are seen as the best weapon against the grey market. Our Maisons™ encompass several of the most prestigious names in the luxury industry including Cartier, Van Cleef & Arpels, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Vacheron Constantin, Montblanc, dunhill and Chloé. Think Germany’s Chrono24 and its inventory of 375,000 pre-owned watches proposed in 98 countries, and annual transactions well in excess of $1 billion. The softness was due to decreased sales in the division's wholesale network, a consequence of Richemont's efforts to match watch supply with market demand, the company said.The acquisition of Yoox Net-a-Porter has reshaped the Richemont Group.Total group sales jumped by 24% for the first half to €6.81 billion ($7.90 billion). The move, Rupert says, "reflects the potential we see in China." DISCOVER THE TEAM BE PART OF THE TEAM & GET ALL THE UPCOMING NEWS . In other words, Paneri doesn’t care what’s trending now.You are always getting a no-nonsense classic piece made by craftsmen devoted to precision.
The so-called "specialist watchmakers" like Vacheron Constantin, A. Lange & Söhne, and IWC make up a large portion of Richemont's brand portfolio.However, the group has installed strict guidelines to make sure watch supply matches demand in the watch division's wholesale network. Watch, Men's Solar Two Tone Stainless Steel Bracelet 37mm SNE032 $215.00 Sale $172.00