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Richemont's top watchmaking executive has resigned after working for the Swiss luxury group for less than a year, the company said Friday.
Swiss watch makers Swatch and Richemont gained in Thursday morning trading on news of a surprise jump in Swiss watch exports.
European stocks rebounded Friday as investors shook off the pessimism of recent days, with price action supported by both M&A as well as corporate earnings news.
Dufry stock surged Friday after a filing with the Swiss regulator showed the world's second largest luxury goods firm, Richemont, jetting into fourth position on the duty-free retailer's shareholder register.
Richemont shares fell the most in 16 months Friday after the maker of luxury watches reported a 14% drop in first quarter profit as it grapples with dwindling demand.
After a torrid three years, jewelry retailers appear to be striking gold again in Hong Kong.
Sales and operating profit both missed analyst expectations by high single-digits, but a resurgence in Chinese buying offers hope.
China's renewed demand for luxury and growing love of sports brands should drive growth over 2017, but not all brands will profit equally.
A 22% increase in cognac sales swamped analyst expectations, pushing the French company's shares to a 12-month high.
Richemont sees sales up 5% in the third quarter on strong demand from U.K. tourists taking advantage of the lower pound.
Industry data shows export value of Swiss watches falling 10.4% so far in 2016 as the Apple Watch challenges 'spring and cog' time pieces.
Richemont's CEO and CFO will retire along with a third of its board as the company restructures to arrest a slump in sales.
Apple Watch is likely to pose a threat, especially to some Swatch lines, UBS analysts say.
Richemont (CFRUY) reported a drop in operating profits yesterday, revealing an overall down-tick in the luxury sector, CNBC's Robert Frank reported.
The luxury goods maker had warned in July that full-year revenue growth could lag that target.
U.S. futures are steady, pointing to a positive opening.
But the Baume & Mercier maker insists it's well positioned, with a strong balance sheet and portfolio of long-established brands.
Analysts point to industry overcapacity and high inventories but note that consumption is robust, particularly in China.
Airline stocks drop following terror attack; 10-year German bond yield rises above 0% for first time since Brexit vote
A strong Swiss franc dents sales in key markets.
Luxury goods maker Richemont bucks the positive trend after delivering a gloomy prognosis.
A mining recovery helps push the FTSE 100 higher, while the Dax rises after more weak price data.
The Cartier maker misses consensus expectations in the full year and says a 'meaningful improvement' in the environment is doubtful any time soon.
European stocks fell again on Thursday, taking their cue from Asia on concerns about global growth and fading expectations of an imminent U.S. interest rate hike.
European stocks are mixed on Thursday, as an upset by Switzerland's central bank hammered shares in the Alpine nation.
In this episode of Buy This, Sell That!, Paul Erlichman, portfolio manager for the Legg Mason Global Currents International All Cap Opportunity Fund, names his favorite stocks including Lloyds Banking Group and Marine Harvest.
Bob Smith, Portfolio Manager for the T. Rowe Price International Stock Fund, says emerging market stocks, especially in China and Brazil, will regain their footing and rally in 2013.
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