Luxury goods stocks have been hammered in recent weeks by concerns about weakening demand in China and a looming trade war with the US. But the real picture is much more mixed, the chairman of Alibaba said on Monday.
Luxury goods group Richemont struck a cautious note after reporting sales numbers hurt by moves to combat the grey market and efforts by the Chinese government to discourage consumers from spending overseas.
Richemont and China’s Alibaba Group have unveiled a global strategic partnership that will see the two star retail brands under the Yoox Net-A-Porter banner being taken directly to the all-important Chinese consumer.
Luxury goods group LVMH’s watch brands will be present at the next edition of the Baselworld watch fair in March, the outgoing head of its watch division told CNN Money Switzerland, adding the show needs to make changes.
Watch brands Audemars Piguet and Richard Mille will withdraw from the Geneva watch fair from 2020 to focus on selling directly to consumers rather than via third-party retailers they would meet at the show.