Cartier owner destroys more than £400m of watches in two years

Cartier owner destroys more than £400m of watches in two years

The Swiss watchmaker Richemont has destroyed nearly €500m (£437m) of its designer timepieces over the past two years to avoid them being sold at knockdown prices. The Geneva-based luxury goods group behind Cartier and Montblanc said it bought back €203m of unsold watches last year That was on top of the €278m of Cartier watches, which start at £1,000 but can cost more than £20,000, it reclaimed from jewellers in 2017. When the Richemont chief executive, Richard Lepeu, who retired last year, initiated the policy in 2016, he described it as an “exceptional measure” in “exceptional circumstances”. The company took action after stocks of its wristwatches began building up in display cabinets in Asian markets amid a crackdown on corruption in China, where luxury products such as watches and whisky had been dished out as lavish gifts to curry favour with officials, as well as a wider sales slowdown It was worried that. Source

Popular products near you

Popular Posts

Freeform Boulder Opal pair featuring Peacock Green and Blue colours set in 18k white gold ...

Freeform Boulder Opal pair featuring Peacock Green and Blue colours set in 18k white gold earrings w...

read more

Shop Alexis Bittar Crystal Embellished Bangle Bracelet In Mint/Silver - SeekFab

Shop Alexis Bittar Crystal Embellished Bangle Bracelet In Mint/Silver Alexis Bittar Cr...

read more

The Designer Behind The New Louis Vuitton B.Blossom Jewellery Collection

Much like Rihanna's new Fenty fashion line, Louis Vuitton's latest fine jewellery collection, B.Blos...

read more

Pomellato Sabbia ring

18K rose gold Sabbia ring with 34 066 ct diamonds

read more

Subscribe to our Newsletter

Get the best news about jewelry and watch industries, products and services