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Tag: International

  • Asean’s Power Landscape Expected to Transform in 2019

    Asean’s Power Landscape Expected to Transform in 2019

    Member states of the Association of Southeast Asian Nations are on a path to transform their power landscapes as energy demand continues to rise to match the region’s economic growth potential, a power management company said this week. “In the pursuit of a robust digital economy, Asean is heralding in an era of unprecedented innovation … 2019 will see power play an indispensable role in shaping the evolution of the region’s economy,” Ireland-based power management company Eaton said in a statement.

    In Southeast Asia, technology will have to meet increasing demand for clean, renewable energy and remote power management, support the arrival of 5G connectivity, and provide resilience against growing cyberthreats.

    Asean’s evolving energy demand, which according to the International Energy Agency will grow by almost two-thirds by 2040, will go together with the projected boom in the region as part of the fourth industrial revolution.

    Development of the region’s smart cities network has already made way for some significant changes in regional power management, Eaton said.

    “We are seeing a seismic shift in the region’s power management outlook as cities gear up on technology as the foundation of smart and sustainable urban development,” the company said.

    Eaton said batteries would continue to develop in this part of the world beyond their traditional use as a backup energy source.

    “At present, heavy investments in Asean are being made in preparation for such technologies in the years to come,” the company said.

    Singapore, for example, has embarked on a public-private partnership through its Energy Market Authority to speed up the deployment of energy storage systems.

    Though new technology seems to demand new assets, Eaton also highlighted the importance of making the most of existing assets.

    “Only by devising new and innovative solutions can the industry progress amid drastic changes in power demand and supply,” the company said in the statement.

  • Oil prices fall on worries fuel demand to stall amid slowing global growth

    Oil prices fall on worries fuel demand to stall amid slowing global growth

    Oil prices declined on Thursday amid lingering concerns over slowing global economic growth that may limit fuel demand and after a surprise build in U.S. crude inventories. International Brent crude oil futures were at $60.89 a barrel at 0352 GMT, down 25 cents, or 0.4 percent, from their last settlement, having closed down 0.6 percent in the previous session.

    U.S. West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, 22 cents lower from their last settlement.

    “Crude oil came under further pressure as concerns of faltering global growth remained at the forefront in investor’s minds,” ANZ Bank said.

    The prospects of future oil demand are getting clouded by the global growth worries, analysts said.

    “With the IMF downgrading 2019/20 and the continued rhetoric from Davos reiterating that they expect global growth to slow down over the next two years, is providing selling pressure in oil,” said Hue Frame, portfolio manager at Frame Funds in Sydney.

    Earlier this week, the International Monetary Fund (IMF) cut its world economic growth forecasts for 2019 and 2020, due to weakness in Europe and some emerging markets.

    Meanwhile, world leaders and top executives are meeting in Davos, Switzerland, this week to discuss how to steer policy amid worries of slowing economic growth, damaging trade wars and Brexit.

    Oil market sentiment was also weakened by an increase in U.S. crude inventories after refineries cut output, data from industry group the American Petroleum Institute showed on Wednesday.

    Crude inventories rose by 6.6 million barrels in the week ended Jan. 18 to 443.6 million, compared with analysts’ expectations for a decrease of 42,000 barrels, the API said. Refinery runs fell by 152,000 barrels per day.

    “Sharp production cuts by OPEC+ have kept crude oil futures supported however as market reports indicate for a marked output reduction in Dec 2018,” said Benjamin Lu, analyst at Phillip Futures.

    “Though oil prices have demonstrated for higher upside potential in the first quarter of 2019, mounting economic challenges will continue to impede exponential gains in the longer term,” Lu added.

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  • Gold rises as growth concerns, US govt shutdown weigh on dollar

    Gold rises as growth concerns, US govt shutdown weigh on dollar

    Gold prices rose on Thursday as the dollar declined due to concerns the prolonged U.S. government shutdown will limit economic growth at the same global growth is slowing as well. Spot gold was up 0.1 percent at $1,283.31 per ounce, as of 0326 GMT, while U.S. gold futures were down 0.1 percent at $1,282.60 per ounce. “We are seeing a weaker U.S. dollar for the moment, which is in general supportive for gold,” Michael McCarthy, chief market strategist at CMC Markets said.

    However, McCarthy cautioned that bullion price gains are limited by slowing investor buying as indicated by price charts used by technical traders.

    “The issue for gold is there is a very heavy resistance seen around $1,290 and $1,310. A further weakening of the U.S. dollar could be supportive. But, we need something to really push gold through the resistance level,” he said.

    The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell for third day, dropping 0.3 percent during that period. However, Asian shares rose on Thursday after Wall Street managed to end higher.

    On Wednesday, U.S. President Donald Trump said that the United States was doing well in trade talks with China, saying at a White House event that China “very much wants to make a deal.”

    However, a prolonged U.S. government shutdown reminded investors of risks to growth to the economy.

    White House economic adviser Kevin Hassett said in a CNN interview the U.S. economy could see zero growth in the first three months if the partial government shutdown lasts for the whole quarter.

    Meanwhile, investor focus turned to the European Central Bank (ECB), which is widely expected to keep its monetary policy unchanged at its first policy meeting of 2019 that ends later on Thursday.

    Market watchers also expect ECB to acknowledge growing threats to the euro zone economy.

    “The ongoing trade war, Brexit and slow global growth narrative are supportive for gold at present levels, as is Chinese seasonal demand,” MKS PAMP Group said in a research note.

    “That being said, Comex non-commercial and exchange-traded fund (ETF) holdings remain extended, so we expect a bit of tug of war in the short-term between $1,270-$1,300.”

    Holdings of SPDR Gold, the largest gold-based ETF, was at its highest since June 2018.

    Among other metals, palladium, which hit a record high of $1,434.50 an ounce last week on low inventories and rising demand, rose 0.1 percent to $1,348.50 an ounce.

    Silver was down 0.1 percent $15.35 an ounce, while platinum was steady at $795.

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  • J.Crew Chairman Mickey Drexler Steps Down

    J.Crew Chairman Mickey Drexler Steps Down

    J.Crew chairman and former-chief executive Millard “Mickey” Drexler has stepped down from his position to focus on other interests, including the development of investment business Dexler Ventures, LLC. Chad Leat has been elected as chairman effective immediately. Drexler is set to continue to serve as a strategic advisor to the company’s board and CEO.

    Drexler said it had been a privilege to spend 15 years with the business, and he was thankful to have been a part of its evolution throughout the years.

    “I look forward to working with the Office of the CEO and the board as a strategic advisor to help support J.Crew’s long term success,” Drexler said in an announcement to investors.

    Leat is a former vice-chairman of global banking at Citigroup and holds nearly three decades of markets and banking experience, having led numerous successful and profitable businesses at Citigroup.

    “I am honored to serve has the next chairman of J.Crew,” Leat said.

    “As chairman, my priorities will be to ensure that the J.Crew brand moves quickly to capitalise on recent momentum and to support Madewell’s growth towards becoming a one billion dollar brand, while also working with the board to identify strong, permanent leadership to guide the Company in its next chapter.”

    Drexler’s departure follows the exit of chief executive James Brett and chief marketing officer Vanessa Holden in November 2018. Brett had been in the position for 16 months, while Holden had been with J.Crew for one year.Adtech Ad

    Brett’s exit left the brand leaderless at a pivotal moment, according to GlobalRetail Data managing director Neil Saunders, who noted that the suddenness of the exit suggested a disagreement over how to develop the brand moving forward, and that the brand’s management had been an issue since before

    “If the departure of Jim Brett hails the return to these unrealistic attitudes, J.Crew is going to slip back and undo all of the progress made to date. Given the precariousness of its financial position, this is a mistake it cannot afford to make,” Saunders said.

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  • Johnson & Johnson, Apple collaborate for healthcare

    Johnson & Johnson, Apple collaborate for healthcare

    Apple and Johnson & Johnson are teaming up on a study to determine whether the latest Apple Watch, in conjunction with an app from the pharmaceutical company, can accelerate the diagnosis of a leading cause of stroke. Atrial fibrillation, or AFib, is an irregular and often rapid heart rate that causes about 130,000 deaths and 750,000 hospitalizations each year in the U.S., Johnson & Johnson said. Up to 30 percent of cases go undiagnosed until life-threatening complications occur. Worldwide, about 33 million people have the condition.

    The controlled, randomized multi-year Johnson & Johnson study will start later this year and be limited to U.S. adults ages 65 years and older who wear the Apple Watch Series 4. Specific details on how to participate will be released later.

    The Apple Watch Series 4, which costs $399 or more, has an irregular heart rhythm notification feature, as well as an FDA-cleared ECG app, both of which are designed to detect AFib.

    “We are receiving thank you letters daily from Apple Watch wearers who are discovering they have AFib,” said Apple Chief Operating Officer Jeff Williams. “We want a deeper understanding about outcomes and prevention associated with early detection. We are excited to work with Johnson & Johnson, which has a long history and expertise in cardiovascular disease.”

    Paul Stoffels, Johnson & Johnson’s executive vice president and chief scientific officer, said “the goal is to identify early on AFib and prevent stroke by combining the physical know-how from Apple and what we have from the medical and scientific know-how.”

    Cardiologist Paul Burton, Johnson & Johnson’s vice president of medical affairs for internal medicine, added the watch has a good detection rate for the condition, but there can be false positives.

    If an AFib reading appears, patients are directed to seek a formal diagnosis from their medical provider. Johnson & Johnson’s goal is to collect aggregate data from study participants, rather than tracking individual patients.

    “When we do clinical trials, we always respect the privacy of patients,” Stoffels says.

    Burton believes “the study has the potential to show that there is a lot more atrial fibrillation out there in the real world in older people than we ever imagined, and if you use a tool like an Apple Watch to detect and funnel people to care, you can really drive down stroke risk in those patients.”

    Apple CEO Tim Cook recently talked about Apple’s ambitions in the health space. “I think you’ll be able to look back at some point in the future and Apple’s greatest contribution will have been to people’s health. I think it’s that big.”

    In November 2017, Apple teamed up with the Stanford University School of Medicine on an Apple Heart Study app that uses the heart rate sensor inside the Apple Watch to collect data on irregular heart rhythms. That study is ongoing.

    Apple also hopes iPhone owners will store medical records inside the Health app.

    Stoffels says wearable technology will continue to take on increased importance in the health field, from monitoring whether patients take medications to measuring sleep. “Digital and data will become part of everything we do.”

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  • Google was fined for $57 million under the GDPR

    Google was fined for $57 million under the GDPR

    The CNIL, the French data protection watchdog, has issued its first GDPR fine of $57 million (€50 million). The regulatory body claims that Google has failed to comply with the General Data Protection Regulation (GDPR) when new Android users set up a new phone and follow Android’s onboarding process. Two nonprofit organizations called ‘None Of Your Business’ (noyb) and La Quadrature du Net had originally filed a complaint back in May 2018 — noyb originally filed a complaint against Google and Facebook, so let’s see what happens to Facebook next. Under the GDPR, complaints are transferred to local data protection watchdogs.

    While Google’s European HQ is in Dublin, the CNIL first concluded that the team in Dublin doesn’t have the final say when it comes to data processing for new Android users — that decision probably happens in Mountain View. That’s why the investigation continued in Paris.

    The CNIL then concluded that Google fails to comply with the GDPR when it comes to transparency and consent.

    Let’s start with the alleged lack of transparency. “Essential information, such as the data processing purposes, the data storage periods or the categories of personal data used for the ads personalization, are excessively disseminated across several documents, with buttons and links on which it is required to click to access complementary information,” the regulator writes.

    For instance, if a user wants to know how their data is processed to personalize ads, it takes 5 or 6 taps. The CNIL also says that it’s often too hard to understand how your data is being used — Google’s wording is broad and obscure on purpose.

    Second, Google’s consent flow doesn’t comply with the GDPR according to the CNIL. By default, Google really pushes you to sign in or sign up to a Google account. The company tells you that your experience will be worse if you don’t have a Google account. According to the CNIL, Google should separate the action of creating an account from the action of setting up a device — consent bundling is illegal under the GDPR.

    If you choose to sign up to an account, when the company asks you to tick or untick some settings, Google doesn’t explain what it means. For instance, when Google asks you if you want personalized ads, the company doesn’t tell you that it is talking about many different services, from YouTube to Google Maps and Google Photos — this isn’t just about your Android phone.

    In addition to that, Google doesn’t ask for specific and unambiguous consent when you create an account — the option to opt out of personalized ads is hidden behind a “More options” link. That option is pre-ticked by default (it shouldn’t).

    Finally, by default, Google ticks a box that says “I agree to the processing of my information as described above and further explained in the Privacy Policy” when you create your account. Broad consent like this is also forbidden under the GDPR.

    The CNIL also reminds Google that nothing has changed since its investigation in September 2018.

  • Calvin Klein seeking a New Creative Lead

    Calvin Klein seeking a New Creative Lead

    Less than a month after announcing the departure of Raf Simons, Calvin Klein is looking for a new creative lead, said a person with knowledge of the business. Chief executive officer Steve Shiffman said in a separate statement on Thursday that the brand will close its 654 Madison Avenue flagship store, which Simons renovated in 2017, relaunch its ready-to-wear line and consolidate some teams in North America.

    Shiffman said the brand will relaunch the 205W39NYC ready-to-wear line under a different name and a new creative direction. He kept the details vague, stating that the business will be “designed to evolve the traditional luxury fashion model by connecting with a diverse range of communities, offering an unexpected mix of influences and moving at an accelerated pace.”

    Some had speculated after Simons’ departure that Calvin Klein would not hire another creative face of the company, but instead take a collaboration approach similar to Moncler‘s recent strategy. But the search for a new design lead indicates otherwise.

    The source with knowledge of the business also said that several of Simons’ longtime collaborators have exited the business, specifically Pieter Mulier, creative director, and Matthieu Blazy, the design director of women’s ready-to-wear. Michelle Kessler-Sanders, president of the 205W39NYC business, will stay on in an executive position.

    Shiffman’s statement also announced the formation of a new consumer marketing division focused on consumer engagement and shopper experience. According to the source, this department is led by chief marketing officer Marie Gulin-Merle.

    Calvin Klein in North America will see further changes: Shiffman said the brand will consolidate the men’s sportswear and the Jeans businesses, and also integrate the retail and e-commerce teams.

    “Our industry is witnessing a historic transformation in consumer behavior which presents a significant growth opportunity as we look to grow the brand to $12 billion in global retail sales over the next few years,” said Shiffman.

  • Rihanna to launch a fashion house with LVMH

    Rihanna to launch a fashion house with LVMH

    WWD reported that, according to multiple sources, the Rihanna is working with French luxury conglomerate LVMH to launch a luxury house under her name. It would be the first time LVMH has launched a brand new label since Christian Lacroix in 1987. No word on an official launch date, but perhaps that is why Rihanna is suing her father now over the ‘Fenty’ name as he could be holding up proceedings with LVMH.

    The pairing makes sense. In 2015, Rihanna appeared in Christian Dior’s “Secret Garden IV” ad shot at Versailles, the first Black woman to front a campaign for the French fashion house. She also created a line of Dior sunglasses in 2016.

    What is more, she launched Fenty Beauty by Rihanna under the Kendo, LVMH’s incubator to produce products that ultimately end up in Sephora, or in this case, change the way beauty products are marketed.

    WWD reported that Fenty Beauty made close to $100 in a matter of weeks — a great sign for Rihanna’s impending luxury offering.

    Sources tell WWD Rihanna is a “hands-on type” who is very involved in the range’s product development (she was reportedly said to be the same way while creating for Puma and Savage x Fenty).

    It is believed LVMH started forming a team six months ago, handpicking employees from Louis Vuitton and Celine to work on the fashion house’s ready-to-wear, leather goods and accessories. And hold on to your Fenty x Savage hats here, the line is to be released in tandem with her ninth album expected to drop later this year.

    We already cannot wait to be fresh off of Rihanna’s runway.

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  • Tiffany sales reported drops

    Tiffany sales reported drops

    US jewellery retailer Tiffany & Co has reported a 1 per cent drop in worldwide net sales and 2 per cent drop in comparable sales for the two months to December 31. While Tiffany sales grew strongly in China over the holiday period, softening in other markets that are more dependent on foreign tourist spending led total net sales across Asia Pacific to fall 3 per cent from the prior corresponding period to US$226 million. Comparable sales in the region fell 4 per cent.

    “With continued strong sales growth in mainland China (by a double-digit percentage), solid results in Japan and healthy growth in e-commerce sales, overall holiday sales results came in short of our expectations which had called for modest year-over-year growth,” Tiffany CEO Alessandro Bogliolo said.

    “We attribute the difference partly to lower sales to foreign (primarily Chinese) tourists globally, and to softening demand attributed to local customers in the Americas and Europe, which we believe may have been influenced more than expected by external events, uncertainties and market volatilities.”

    Total sales across the Americas declined 1 per cent to US$514 million, while Europe dropped 4 per cent to US$132 million.

    Japan, however, saw positive growth over the period of 4 per cent – increasing to US$150 million, attributed to higher spending by local customers.

    Based on these results, the business now expects worldwide net sales for fiscal 2018 will increase by 6 to 7 per cent compared to the prior year, as opposed to the high-single digits previously expected.

    “Now the focus is to grow to new heights,” Bogliolo said. “To this purpose, we will continue to pursue the six key strategic priorities we introduced earlier in 2018 … which will require our ongoing effort and commitment for years to come.

    “We acknowledge that external pressures, difficult year-over-year sales comparisons and annualised internal spending are expected to have some negative effects on fiscal 2019 results, mostly in the first half of the year, but we believe Tiffany is on a solid path for improved sales, margins, earnings and cash flow generation over the long term.”

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  • Sears saved by chairman’s last minute $5.2 billion bid

    Sears saved by chairman’s last minute $5.2 billion bid

    Bankrupt US retailer Sears has been saved from liquidation following a successful, last-minute US$5.2 billion bid by chairman Eddie Lampert, subject to court approval. The acquisition includes substantially all of the company’s assets as an on-going concern and preserves the positions of 45,000 employees.

    “We are pleased to have reached a deal that would provide a path for Sears to emerge from the chapter 11 process,” Sears’ restructuring committee of the board of directors wrote in a release to investors.

    “Importantly, the consummation of the transaction would preserve the employment for tens of thousands of associates, as well as the relationships with many vendors and suppliers who provide Sears with goods and services.”

    Provided the sale is approved by the Bankruptcy Court, the transaction is expected to close on February 8, 2019.

    The retailer had previously announced plans to close up to 120 stores, though it is not clear whether these closures will go forward with the successful bid.

    Lampert made the last-minute bid after several prior offers were turned down for being “administratively insolvent” – unable to cover fees and vendor payments owed by the retailer.

    After initially offering US$4.4 billion to purchase the business, as well as a secondary offer to purchase just 250 of its locations, Lampert was forced to raise his bid to US$5 billion in an effort to get the sale completed.

    But even this bid was deemed insufficient, and Lampert, through bidding vehicle ESL Investments, upped the offer to US$5.2 billion.

    The new bid, while successful, will mean roughly 5000 fewer staff able to keep their jobs as a result of the bankruptcy.

    Sears applied for bankruptcy in October 2018, citing a failing turnaround effort to transform the business and unlock the value of its assets.

    GlobalData Retail managing director Neil Saunders pointed to Sears’ efforts to “shrink its way to profitability”, and that continuing to do so under the guise of bankruptcy was unlikely to result in a successful outcome for the business.

    “Ultimately, Sears needs not just to fix its financial problems,” Saunders said.

    “It also needs to repair the deficiencies in terms of retail strategy… only a complete change of management will bring this about.”

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  • Jack Wills bags cash injection to save the business

    Jack Wills bags cash injection to save the business

    Creditors of fashion label Jack Wills under HSBC have ordered an assessment of the firm’s finances, according to a report. The news comes just weeks after Jack Wills achieved new investment of £10 million (US$12.8 million), followed by speculation that the company may soon need further financial help – prompting the appointment of advisers from auditing firm EY.

    The new investment reportedly comes from an unnamed wealthy Italian family, which has previously invested in Jack Wills’ majority shareholder, BlueGem Capital Partners. BlueGem itself is thought to have provided a similar injection of cash. The identity of the investor is likely to be revealed following reports expected to be filed at Companies House.

    Brand co-founder Peter Williams was ejected from the firm’s board last year, with new executives brought in to effect a turnaround.

    Jack Wills operates more than 90 stores worldwide, including five stores in Hong Kong and two in Singapore.

  • LVMH invests into Gabriela Hearst

    LVMH invests into Gabriela Hearst

    LVMH Luxury Ventures, an investment arm of the multinational conglomerate, has taken a minority stake in New York-based luxury label Gabriela Hearst. The terms of the deal were not disclosed, although LVMH Luxury Ventures typically invests between €2 and €15 million.

    Hearst, who ran contemporary-priced label Candela for more than a decade before launching her upscale luxury offering in 2015, has briskly built a ready-to-wear business based on sharply tailored silhouettes rendered in ultra-expensive fabrics, with a focus on sustainably sourced materials. In 2018, just three years after she launched her label, the collection — which also includes a robust handbag business, mostly sold direct-to-consumer — generated between $15 and $20 million, according to sources familiar with the business.

    Launched in 2017, LVMH Luxury Ventures is an investment vehicle within the LVMH group that aims to invest in emerging labels that have already shown an ability to scale.

    Investments have included French apothecary brand Officine Universelle Buly and sneaker resale shop Stadium Goods, which was subsequently acquired by Farfetch for $250 million in December 2018.

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  • London National Gallery opened first Delicious Art cafe in South Korea

    London National Gallery opened first Delicious Art cafe in South Korea

    The National Gallery Company has launched its first overseas cafe in Seoul. The cafe, “Delicious Art”, has opened at Lotte World Mall, designed with features to reflect London’s National Gallery building, along with replicas of famous artworks.

    “This is a very exciting project opening the first Delicious Art international cafe in South Korea,” said The National Gallery Company’s buying and merchandising director Judith Mather.

    “This is great for the global reach of the Delicious Art brand and the National Gallery, London. I am looking forward to opening other cafes in the region in 2019.”

    A second Delicious Art Cafe is expected to open in February at the L7 Hotel Myeongdong.

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  • Ikea to open first New Zealand store in Auckland

    Ikea to open first New Zealand store in Auckland

    Ikea will open a store New Zealand in the coming years, opting for the city of Auckland to bow its debut store. The Swedish firm, known for its buy-and-assemble furniture, will open up a pop-up shop in the coming months in the lead up to a fully-fledged flagship store, which would create 400 jobs in the city, according to local media reports With no an exact time frame for the megastore launch, Ikea’s New Zealand manager, Will Edwards, said that Ikea would open a pop-up shop in central Auckland, as a physical store would take a number of years to set up.

    “It does take time to build a truly big blue and yellow iconic Ikea store, it will take a number of years to get the full offer up and running but we don’t want to keep people waiting,” Edwards told media on Friday at a press conference, which also saw the attendance of Ikea’s global chief execute, Jesper Bodin.

    “It makes sense to be in Auckland where many people are living and also commuting in and out of. We’d like to give a piece of Ikea before the full meal comes along,” added Edwards.

    Ikea requires some 300 to 400 employees to run the Auckland store, as well as several hundred more staff to support logistics.

    Bodin said that New Zealand will get the “whole shebang”, with a product range of about 7000 items at least in the warehouse store.

    While price-points weren’t disclosed, Bodin said that “our ambition is always to be affordable for people and competitive with other retailers in New Zealand.”

    Ingka Group, Ikea’s largest franchisee and operator of Ikea stores in 30 markets around the world, was granted exclusive rights to explore options to expand into New Zealand.

    Founded in 1943 in Sweden, Ikea sells furniture and homewares to 1.2 billion customers around the world.

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  • Richemont Group sales soars after YNAP acquisitions

    Richemont Group sales soars after YNAP acquisitions

    Richemont Group sales soared 24 per cent in December quarter, to €3.915 billion. It was largely down to the inclusion of online acquisitions Yoox-Net-A-Porter (YNAP) and Watchfinder, which were consolidated into the group’s accounts on May 1 and June 1, respectively. But even excluding that, the sales growth was still strong at 5 per cent by constant exchange rates.

    By region, European sales accelerated at twice the rate of Asia, up 35 per cent at constant exchange rates, with Asia Pacific – still the company’s largest single geographic market – up by 17 per cent.

    Sales in Europe reached €1.147 billion in the quarter, and in Asia €1.389 billion. Sales in the Americas surged 41 per cent to €801 million and in Japan by 14 per cent to €344 million.

    The only market where Richemont failed to perform was the Middle East and Africa, where sales slipped 3 per cent to €234 million.

    The company’s largest category, jewellery maisons, recorded 8 per cent growth to €1.985 billion, while Richemont said YNAP posted double-digit growth across all regions and solid performances across all its categories. Watchfinder’s sales expanded “more moderately”.

    Excluding the new online business unit, Richemont Group sales grew in all regions, with the exception of the Middle East and Europe. During the latter part of the quarter, sales in Europe were affected by social unrest in France which impacted tourism and led to store closures for six consecutive Saturdays. The disposal of Lancel in June also impacted the year-on-year comparison.

    A 10 per cent increase in sales in Asia Pacific reflected double-digit sales growth in Mainland China and good increases in other main markets. Sales growth in Hong Kong slowed, primarily due to the strength of the Hong Kong dollar versus the renminbi that resulted in lower tourist spending.

    In Japan, a 7 per cent expansion in sales was fuelled by continued domestic and tourist spending as well as the impact of newly opened directly operated boutiques.

    Sales in the Americas rose by 9 per cent, primarily driven by the jewellery maisons.

    Of Richemont’s many brands, Cartier and Van Cleef & Arpels led the way, increasing sales by 8 per cent, driven by jewellery and watches.

    Richemont operates in four business areas: jewellery maisons, being Cartier and Van Cleef & Arpels; specialist watchmakers, being A. Lange & Sohne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; online distributors, being YNAP and Watchfinder; and other businesses, including Alfred Dunhill, Azzedine Alaïa, Chloe, Montblanc and Peter Millar.

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