Hainan island – one of the stop-offs for Watches and Wonders 2020 – reels in tourists and Chinese shoppers with its beaches, palm trees and duty-free malls, a sector that is now opening to competition. Richemont is in the running through a collaboration with China Duty Free Group and a stake in Dufry.
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In the space of a year, Farfetch has become the one to watch in luxury e-commerce, a position confirmed by the billion-dollar investment by Richemont and Alibaba in the company, which is still reporting losses, and by its share price performance. In the twelve months to February 18, Farfetch stock gained almost 450%.
As confirmed by Richemont’s third-quarter results, jewellery sales remain strong to the point that jewellery is the most promising segment in the personal luxury goods market. Driving this growth: changing purchasing patterns and soaring demand among Chinese customers.
Several major transactions involving luxury companies took place in the last quarter 2020, with analysts forecasting more mergers and acquisitions activity in the months to come. Luxury titans, private equity investors and Chinese conglomerates are leading the fray.
Over the past twelve months FHH Journal has reported on watch industry news, covering everything from the markets to brands and their products. Here, in brief, are some of the events that marked this unusual year.
Half-year results for the main luxury groups show that sales fell by between 25% and 45%. Signs of an upturn are beginning to appear, in particular at points of sale.