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At five points in the past 500 million years, life on Earth was almost completely wiped out. We are now on the brink of a sixth mass extinction, and we are the cause. Can humans right their wrongs? The luxury industry must lead by example.
An influx of capital ends a year marked by a boom in sales at auction and on the pre-owned market as watches take on a new role as investment products.
From one year to the next, the Richard Mille brand maintains an enviable 15% growth rate. After CHF 260 million in 2017, last year the brand generated revenue in excess of CHF 300 million, having produced 4,600 watches. The objective for 2019: 5,200 watches and further incursions into the art world.
Material luxury is good. Experiential luxury is even better. Studies show that this market segment is the biggest growth driver right now, prompting multi-million transactions.
Hermès and Kering have both reported record results for 2018, with no sign of a downturn whether in China or in the fourth quarter.
China can raise a brand to the pantheon of luxury just as easily as it can dash it to the ground. With this Damoclean sword dangling over them, brands are multiplying initiatives. We look at what Bulgari is doing.
The Swiss watch industry came out of 2018 on a high, catching up exports to post a 6.3% rise at CHF 21.2 billion. However, figures indicate that growth peaked during the first six months and that the current slowdown will continue into 2019.
The outturn for watch industry exports in 2018 was in line with forecasts. The steady pace of growth early in the year saw a decline from the summer onwards, due to a less favourable base effect, but remained positive overall.
