Gayton McKenzie accused of not understanding fashion industry after his meeting with Shein
Fashion designer David Tlale said he doesn’t think Gayton McKenzie understands the complexities of the clothing and textile industry.
Sales at the jewelry division, its largest, surged 11% at constant exchange rates in the quarter ending in June, Richemont said in a statement Wednesday. Analysts had expected a gain of 8.6%.
Richemont has withstood the weakening in demand for luxury goods better than most peers thanks to its jewellery brands Cartier and Van Cleef & Arpels.
In times of economic uncertainty, high-end jewellery is often viewed as an investment with more intrinsic value than pricey apparel and leather goods.
Overall, the luxury industry is struggling with a slowdown caused in part by Chinese shoppers reining in costly purchases amid high youth unemployment and a property crisis.
US President Donald Trump’s tariff threats have also weighed on consumer confidence in the US and elsewhere.
Shares of Richemont have gained 10% so far this year, while those of rival LVMH Moët Hennessy Louis Vuitton, which is exposed to the more volatile ready-to-wear and handbag categories, are down around 25%.
Issued on Daily Investor by Bloomberg | https://dailyinvestor.com/business/94301/johann-ruperts-golden-child-continues-to-shine/
