Why Richemont's CEO Believes Luxury Watchmakers Need to Cut Production [Yahoo! Finance]
COMPAGNIE FNCE RCH UN/ADR (CFRUY)
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Source: Yahoo! Finance
The South African billionaire, who founded the Swiss luxury conglomerate in 1988, has said high-end watchmakers should reduce the supply of timepieces to counter the softening market, as reported by Bloomberg . Richemont helms several horological heavyweights, such as Vacheron Constantin, IWC, Jaeger-LeCoultre, and Cartier, meaning that a change in production strategy could genuinely impact everyday collectors. More from Robb Report We Wore the 'Star Trek'-Themed Urwerk UR-120 Watch for a Week. Here's What It Was Like. This Fall's Most Elegant Women's Watches, Bags, and Jewelry Aren't Afraid of the Long Haul The Small Dress Watch Is Back Rupert told shareholders at Richemont's annual general meeting that the global demand for watches “has gone past the boom,” with sluggish sales in mainland China and Hong Kong contributing to a downright dull year . “One should be cautious in just trying to pursue volume,” he said in Geneva on Wednesday. Rupert went on to praise rivals fo
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