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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.
Richemont’s sales for the year ended March 31, 2021 fell by 8%. The group’s jewellery business, online retail and strong performance in Asia-Pacific enabled what are “solid” results in a global pandemic.
After meteoric growth between 2015 and 2019, Gucci is looking for new ways to boost performance. The roadmap for 2021, the brand’s 100th anniversary year, includes a foray into Haute Horlogerie. The first watches are already on display, Place Vendôme in Paris.
LVMH, Richemont and Prada have just announced the launch of the Aura blockchain. In the diamond sector, nanotechnology and blockchain-enabled solutions are emerging as the future of traceability.
As Europe continues to lag behind, Asia surges ahead and the United States is recovering well, signalling a strong start to the year for the luxury industry.
As discussed at one of the Watches and Wonders Geneva panels, blockchain technology is making inroads in the watch industry as a means of authentication that also opens up new possibilities for customer relations.
A recent OECD report shows that the watch industry is the main victim of the trade in counterfeit “Swiss” goods, losing CHF 2 billion a year in foregone sales.
