Tuesday, 27 July 2010

De Beers Announces Enormous Profit Rise- 27/07/10

There is great news for De Beers, as they have begun to rebuild after the recession with successful results across retail sale profits. WWD reported “in the six months to June 30, De Beers profits rose to $348 million, compared with a $6 million loss in the corresponding period last year.” During the GFC De Beers went to extremes of cutting 25% of their staff- we want to know if they have reintroduced these cost cutting measures to achieve such results.

What is also interesting to note, but what is not widely known, is that De Beers has a joint venture for its retail arm with LVMH Mo√ęt Hennessy Louis Vuitton (it's the company you keep really, that counts…), De Beers Diamond Jewelers. Evidently a “healthy rebound,” has been witnessed and the company has announced plans to unveil a group of new collections later this year.

Image credit: debeerseu.com

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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