Luxury firms continue to perform well, as demonstrated by their first-half results. The situation is slightly more complex for watch brands, in particular in Hong Kong and China.
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Swatch Group is struggling to convince investors. Its share price has been virtually flat since January, after losing 42% over the last seven months of 2018. Richemont, in comparison, is making headway. Meanwhile, French luxury groups are flying high.
A struggling brand in 2015, in the past two years Gucci has seen exponential growth in the region of 40%. This extraordinary performance owes much to creative director Alessandro Michele, the man behind today's baroque, ethical and connected Gucci. Millennials love it.
The recent resignation of Jean-Claude Biver from the helm of LVMH's Watch division has prompted the appointment of Frédéric Arnault as strategy and digital director at TAG Heuer. He is the fourth of Bernard Arnault's children to take up a senior position within the group.
The year has got off to a resounding start for publicly-traded luxury companies, with double-digit growth and a strong outlook for the full twelve months. For watch companies, it's a similarly rosy picture.
Chanel took the financial community by surprise when it published its annual results. Firstly, for such a show of transparency from an unlisted company and secondly for the quality of the numbers that put the French firm at the top of the luxury pyramid.
Having acquired Watchfinder, a UK-based platform for buying and selling pre-owned watches, Richemont is the first big name to enter the increasingly coveted and fast-growing market for second-hand timepieces.