LONDON — High-end watches and jewelry were among the biggest victims of an ongoing clampdown in consumers’ luxury spending in the first five months of the year, Compagnie Financière Richemont SA said Wednesday.
Richemont, parent of brands including Cartier, Jaeger-LeCoultre and Van Cleef & Arpels, said in a trading update for the period from April to August that specialist watch sales fell 18 percent, while jewelry fell 14 percent.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)