Things could be a lot better for Bulgari SpA with reports that profits fell 45 percent last year. According to a Bloomberg article, watch sales slumped the most in their portfolio, 11 whole percent, while jewellery slipped 2.5 percent and accessories declined 1.5 percent. On the plus side, perfume sales rose 12 percent.
As watches disappear from people’s wish(wrist)lists, Bulgari CEO Francesco Trapani has put all store openings on hold. He also said that jobs will be cut significantly, unprofitable stores closed, inventory reduced and the number of products decreased.
But it’s not just Bulgari watches that have fallen out of favour. In January, Swiss watch exports had their biggest monthly decline in at least 20 years. So, will the watch woes continue for Bulgari? It certainly seems likely, but only time will tell...
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