Wednesday, 20 January 2010
All signs point to improvement in the luxury sector once again as Richemont, owner of luxury brands like Cartier and Montblanc, beat forecasts for sales over the Christmas period.
Due to booming sales in Asia, sales rose “2 percent in the third quarter at actual exchange rates, or 7 percent when stripping out currency fluctuations, to 1.585 billion euros ($2.29 billion)”, according to Reuters.
Also, the group's shares were trading 2.3 percent higher, and analysts predict Richemont will “sustain its positive earnings momentum.”
These uplifting figures have come just days after Tiffany & Co. reported improved Christmas trading (see the MO Down for 15 January).
Who's behind the MO DOWN
Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury, www.moluxury.com.au