De Beers Makes Sweeping Cuts to Its Elite Diamond-Buying Club
The diamond company produced less than 22 million carats last year, down from almost 35 million in 2022.
Zurich, Switzerland
Luxury
Richemont Rides Out Tariffs, Gold Prices with Sales Beat
The Swiss group reported sales up 14 percent in its latest quarter, smashing expectations amid “unprecedented” headwinds including currency movements, rising gold prices and US tariffs.
Richemont Rides Out Tariffs, Gold Prices with Sales Beat
The Swiss group reported sales up 14 percent in its latest quarter, smashing expectations amid “unprecedented” headwinds including currency movements, rising gold prices and US tariffs.
Luxury
Swiss Watchmakers Rise on Optimism Over Possible Cut in Trump Tariffs
Shares in Richemont and Swatch Group rose after US president Donald Trump said he was working with Switzerland on a deal to lower the 39 percent tariff rate on Swiss imports.
Swiss Watchmakers Rise on Optimism Over Possible Cut in Trump Tariffs
Shares in Richemont and Swatch Group rose after US president Donald Trump said he was working with Switzerland on a deal to lower the 39 percent tariff rate on Swiss imports.
Retail
Swatch to Hike Prices in US Due to Tariffs, CEO Says
The Swiss watch company plans to increase prices in the US between 5 percent and 15 percent, depending on the brand, because of the new US tariff.
Swatch to Hike Prices in US Due to Tariffs, CEO Says
The Swiss watch company plans to increase prices in the US between 5 percent and 15 percent, depending on the brand, because of the new US tariff.
Retail
Swatch Sells Watch Lampooning Trump’s 39% Tariffs on Switzerland
The Swiss watchmaker has launched the ‘what if…tariffs?’ watch with reversed numbers three and nine, mocking the 39 percent tariffs imposed by the US on Swiss imports.
Swatch Sells Watch Lampooning Trump’s 39% Tariffs on Switzerland
The Swiss watchmaker has launched the ‘what if…tariffs?’ watch with reversed numbers three and nine, mocking the 39 percent tariffs imposed by the US on Swiss imports.
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Luxury
Swiss Watch Giant Navigates Trump’s Tariff Uncertainty
Swatch Group CEO Nick Hayek has front-loaded shipments to the US, is targeting American shoppers as they travel abroad and has raised its prices as it grapples with a new 39 percent US tariff on Swiss-made products.
Swiss Watch Giant Navigates Trump’s Tariff Uncertainty
Swatch Group CEO Nick Hayek has front-loaded shipments to the US, is targeting American shoppers as they travel abroad and has raised its prices as it grapples with a new 39 percent US tariff on Swiss-made products.
Luxury
Richemont's Farfetch Deal to Further Boost Strong China Sales
The Cartier owner posted an 82 percent drop in net profit for its first half to September 30 despite a 78 percent jump in Chinese sales.
Richemont's Farfetch Deal to Further Boost Strong China Sales
The Cartier owner posted an 82 percent drop in net profit for its first half to September 30 despite a 78 percent jump in Chinese sales.
Luxury
Richemont Chairman Warns Company Must Be Cautious With Cash
Johann Rupert said the pandemic hit the watch and jewellery maker's cash flow, making it necessary to halve its dividend to 1 Swiss franc per share.
Richemont Chairman Warns Company Must Be Cautious With Cash
Johann Rupert said the pandemic hit the watch and jewellery maker's cash flow, making it necessary to halve its dividend to 1 Swiss franc per share.
Luxury
Richemont to Ask Shareholders for Conditional Share Capital Increase
The Cartier-owner seeks to preserve cash during the pandemic having already halved its dividend.
Richemont to Ask Shareholders for Conditional Share Capital Increase
The Cartier-owner seeks to preserve cash during the pandemic having already halved its dividend.
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Retail
Swatch Group Posts Its First Half Year Loss
The Swiss watchmaker reported a net loss of $327 million in the first half of 2020 and saw sales drop 46.1 percent.
Swatch Group Posts Its First Half Year Loss
The Swiss watchmaker reported a net loss of $327 million in the first half of 2020 and saw sales drop 46.1 percent.
Retail
Can Roger Federer Help Build the Next Big Sportswear Brand?
The tennis legend and cult running shoe label On are launching a sneaker together. In the latest edition of the BoF Podcast, Federer shares what's next.
Can Roger Federer Help Build the Next Big Sportswear Brand?
The tennis legend and cult running shoe label On are launching a sneaker together. In the latest edition of the BoF Podcast, Federer shares what's next.
Workplace & Talent
Richemont Human Resources Director Leaves Executive Committee
Sophie Guieysse will be stepping down from the committee but will reportedly stay on in her HR role, despite mounting employee anger over executive compensation.
Richemont Human Resources Director Leaves Executive Committee
Sophie Guieysse will be stepping down from the committee but will reportedly stay on in her HR role, despite mounting employee anger over executive compensation.
Luxury
Richemont Reports 67% Drop in Annual Profit
Chairman Johann Rupert estimates up to three years of grave economic impact of Covid-19 on the Swiss luxury group.
Richemont Reports 67% Drop in Annual Profit
Chairman Johann Rupert estimates up to three years of grave economic impact of Covid-19 on the Swiss luxury group.
The News in Brief
L’Oréal India in Talks to Acquire Beauty Company Innovist
L’Oréal is in advanced talks to acquire a majority stake in Bare Anatomy parent Innovist sources told The Economic Times India.
Zegna Chairman Says War Has Clouded Visibility of Demand in Middle East
The Italian fashion house cautioned the war is reducing visibility on demand in the Middle East, which accounts for 7 percent of its sales, though all stores are currently open in the region.
Glossier Appoints New CMO
Nicole Solorzano, who joins from Ouai, is the Millennial beauty brand’s latest hire.
Macy’s CEO Points to E-Shaped Economy, Signalling Consumer Shift
The mention of a forked economy by the head of America’s largest department store signals a heightened wariness that middle-income Americans will continue to spend at the same pace.
France’s Bid to Suspend Shein’s Marketplace Rejected by Appeals Court
The decision from Paris’ Court of Appeal marked a win for the fast-fashion giant after a scandal over sex dolls resembling children for sale on its site.
Coty Announces Board Revamp
The embattled Covergirl owner has appointed five new independent directors amidst a wider leadership and company shakeup.
Zimmermann Names Roberto Eggs CEO
The Moncler Group executive will succeed longtime CEO Chris Olliver, who is staying on as executive chairman.