Richemont: Online sales to drive growth

The Swiss luxury group Richemont, which owns the Cartier and Van Cleef & Arpels brands, recorded growth driven by China and online distribution. However, the company’s overall turnover fell by almost half as a result of the Covid-19 pandemic.

For some time now, luxury goods manufacturers have become aware that more and more consumers, even wealthy people looking for rare and unique watches or fragrances, are more favourable to buying online.

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Richemont, the Swiss luxury goods company and watchmaker behind brands such as Cartier, is launching an online portal, Yoox Net-A-Porter, in 2018. It was an embarrassing but necessary turnaround on the part of the company whose main shareholder is Johann Rupert. Rupert recognizes that consumers, especially those who are comfortable with the digital sphere, prefer to buy quality jewelry while sipping a glass of whisky on their couch.

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Featured photo : © Richemont

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