The New York Diamond Dealers Club’s executive leadership in New York has met with Yunus Oguzhan Aloghu, executive vice president of the Istanbul Gold Exchange, to discuss improving diamond, jewelry and gold trade between the two countries. In summarizing the discussion, Dealers Club president Moshe Mosbacher said, “There are substantial opportunities for greater diamond trade [...]
Richemont Sales Down 15%
Richemont, the Swiss luxury goods group, sales decreased by 15 percent to € 2,379 million for the six-month period ended 30 September 2009. The company’s operating profit decreased by 39 per cent to € 390 million, while profit from continuing operations decreased by 36 per cent to € 345 million. The luxury goods industry has [...]
Strength by Luxury Goods Shoppers in Asia and Online Bring Glimmers of Hope to Beleagured Industry, Says Bain & Company
Buoyed by a projected 12% year-over-year increase in sales in 2009 in mainland China and 20% growth of sales online, the decline for the worldwide luxury goods industry will be less than expected in 2009 and poised for 1% overall positive sales growth in 2010; this is according to findings from the 8th edition of [...]
Tiffany Sales Exceed Expectations
Sales and net earnings for Tiffany & Co. for its second quarter ended July 31, 2009 were below last year but exceeded expectations. Tiffany management has increased its outlook for the full year accordingly. Michael J. Kowalski, chairman and chief executive officer, said, “While economic and retail conditions remain challenging, we were encouraged to see [...]