Now Reading
Karine Lecchi awarded by the Creation Grand Prix, Ferrari aims to higher growth in 2019 and the other news of the day

Karine Lecchi awarded by the Creation Grand Prix, Ferrari aims to higher growth in 2019 and the other news of the day

Karine Lecchi, won the Creation Grand Prix of Paris, Ferrari aims to higher growth in 2019 and 2020 and the other news of the day.

Press review

Karine Lecchi awarded with the Creation Grand Prix of Paris

Picture : Karine Lecchi

Ferrari aims for further growth in 2019 and 2020

Picture: Ferrari

Swatch worried about its sales in China

Picture : Swatch Group Headquarters Biel Bienne

Swatch Group reported on Thursday a slowdown in its activity during the last three months of 2018 due to a contraction in demand in Asia and “very low” sales in France, resulting in lower than expected annual results and a sharp decline in the Zurich Stock Exchange share.

Sales grew by 5.7% at constant exchange rates in 2018 to FRF 8.48 billion (€7.42 billion), while analysts surveyed by Reuters anticipated 8.65 billion.

Net profit was also below expectations, although up 14.8% to CHF 867 million from the expected CHF 952 million, which will lead the Swiss group to propose a lower than expected dividend of CHF 8 per share.

Clearly disappointing. Organic sales growth and margin declined in the second half of the year,” comments Jon Cox, analyst at Kepler Cheuvreux.

For Rene Weber of Vontobel, the problems encountered in the distribution channels of the Omega and Longines brands provide only a partial explanation for the negative trend in sales and margin.

See Also


Sales by Swiss watchmakers suffer from the lack of appetite of Chinese tourists, their main customers, with the depreciation of the yuan and trade tensions between China and the United States.

Swatch did not mention its high-end brands Breguet and Jaquet Droz on Thursday, nor the demand for Tissot, faced with competition from connected watches.

 

Nicolas Ghesquière could launch his own brand with LVMH support

Picture : Nicolas Ghesquière x Louis Vuitton

According to rumours, LVMH has agreed to finance a new fashion brand launched by the famous designer Nicolas Ghesquière. According to information obtained by FashionNetwork.com, the luxury group agreed to finance Ghesquière’s project after its general manager, Bernard Arnault, was persuaded by his daughter Delphine Arnault.

She firmly believes in Ghesquière’s work. As Executive Vice President of Louis Vuitton, she appointed Ghesquière to head the artistic direction of women’s fashion for the luxury brand.

Ghesquière has made known his desire to launch his own label. In October, the creator had indicated in a French television program that, as part of his contract with Louis Vuitton, recently renewed, he had the right to create his own company.

LVMH has just announced that 2018 was a successful year, with overall sales growth of 10%. The timing would therefore be right for Nicolas Ghesquière, in the good graces of LVMH, which attributes much of its success to Louis Vuitton’s sales.

 

What's Your Reaction?
Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

COPYRIGHT 2020 LUXUS + ALL RIGHTS RESERVED

Scroll To Top