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.
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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.
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.
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.