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Hong Kong Retail Sees Gradual Recovery
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Hong Kong recorded its gentlest decline in hard-luxury revenues for a year and a half, as a drop in coronavirus cases boosted the local retail market.Retail sales of jewelry, watches, clocks and valuable gifts fell 16% year...
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Retail
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Jan 04, 2021
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Rapaport News
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Pandemic Boosting Demand for Secondhand Luxury
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The global market for secondhand hard-luxury goods is benefiting from emerging consumer trends that have intensified during Covid-19, according to Boston Consulting Group (BCG). The category is growing by 8% per year, the management firm...
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Retail
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Oct 12, 2020
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Rapaport News
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Watch Exports to Hong Kong and US Still Weak
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Swiss watch exports dropped heavily in June as continued slowdowns in Hong Kong and the US outweighed a recovery in China.Total shipments fell 35% year on year to CHF 1.13 billion ($1.21 billion), the fourth consecutive monthly decline,...
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Watches
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Jul 21, 2020
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Rapaport News
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Virus Hits Swatch Group’s Bottom Line
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Swatch Group, the owner of Harry Winston and Omega, recorded the first half-year loss in its history as the coronavirus devastated sales from February onward.Sales dived 46% to CHF 2.2 billion ($2.34 billion) in the...
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Retail
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Jul 21, 2020
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Rapaport News
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Birks Sales Rise Pre-Pandemic
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Birks Group’s sales increased sharply in the latest fiscal year as three of its major retail stores reopened following renovations.The Canadian jeweler resumed trading at flagship sites in Vancouver, Toronto and Montreal during the 12-month...
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Retail
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Jul 12, 2020
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Rapaport News
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LVMH Watch Chief Takes On Jewelry Portfolio
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LVMH has promoted Stéphane Bianchi to CEO of its watches and jewelry division, starting July 1. Since 2018, he has been CEO of watchmaking and of the French luxury group’s TAG Heuer timepiece brand.Bianchi will oversee...
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Retail
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Jun 08, 2020
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Rapaport News
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Baselworld 2021 Show Canceled
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The organizer of Baselworld has called off the next edition of the show, scheduled for January to February 2021, following a revolt over timing and refunds.MCH Group said it had reached an agreement with exhibitors and...
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Watches
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May 07, 2020
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Rapaport News
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Pandemic Drags Down Kering Jewelry Revenue
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Kering’s jewelry and watch divisions have been “hard hit” by COVID-19, dragging revenues down for the first quarter, the French luxury group reported Monday.The company, which owns Boucheron, Pomellato and Qeelin,...
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Retail
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Apr 23, 2020
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Rapaport News
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March Shutdown Hits Swiss Watch Exports
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Swiss watch exports slumped in March amid continued market pressures resulting from the coronavirus pandemic.Shipments slid 22% to CHF 1.36 billion ($1.4 billion) for the month, with most markets declining significantly, the...
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Watches
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Apr 21, 2020
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Rapaport News
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Geneva Watch Fair Canceled; Baselworld Still On
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The organizers of the Watches & Wonders Geneva show have canceled the April event due to the coronavirus. Baselworld is still set to take place, as it stands.Switzerland’s Fondation de la Haute Horlogerie said it was its “duty” to anticipate...
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Watches
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Feb 27, 2020
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Rapaport News
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Hong Kong Slump Disrupts Swiss Watches
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Swiss watch exports fell in November as orders from HongKong continued to slow. Shipments to all countries declined 3.5% to CHF 1.99 billion($2.03 billion) in November, the Federation of the Swiss Watch Industryreported last week. That mainly...
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Watches
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Dec 22, 2019
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Rapaport News
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Hamilton Jewelers Mourns Martin Siegel
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Martin Siegel, the chairman of Hamilton Jewelers who wasinstrumental in growing the US retailer’s brand, died on December 17, thecompany announced. He was 86. Born in New Jersey, Siegel joined his father’sfine-jewelry business on leaving the army...
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Retail
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Dec 19, 2019
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Rapaport News
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Podcast: Oversupply, Tariffs and Silver Linings
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As trade members return from their summer vacations, the Rapaport editorial team outlines the industry’s prospects for the rest of the year. It’s volatile out there with all the talk of recession, rumblings...
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Polished Markets
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Aug 22, 2019
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Rapaport News
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High Gold Prices Mute Titan Growth
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Indian jewelry retailer Titan Company cautioned that sales were lower than expected in its first fiscal quarter as high gold prices weighed on consumer spending. Sales from the jewelry division, which includes the...
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Retail
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Jul 09, 2019
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Rapaport News
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Jury Still Out on Baselworld
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Gem and jewelry exhibitors gave mixed responses tochanges at the struggling Baselworld show, with many stillundecided as to whether they would return to the trade fair.Visitor traffic was relatively light throughout thesix-day event, which...
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Polished Markets
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Mar 26, 2019
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Anthony DeMarco
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Hong Kong Luxury Sales Fall in December
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Retail sales of jewelry and other luxury items dropped in HongKong in December, amid the continued impact of global economic uncertainties onconsumer demand. Revenue from jewelry, watches, clocks and other valuablegifts fell 4.9% year...
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Retail
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Jan 31, 2019
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Rapaport News
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Hong Kong Luxury Sees Rare Drop
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Retail sales of jewelry and other luxury items in Hong Kongdeclined for the first time in 17 months as global economic uncertainties impacted consumer sentiment.Revenues from jewelry, watches, clocks and other valuablegifts dropped 3.9% to HKD...
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Retail
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Jan 06, 2019
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Rapaport News
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Baselworld Looks to Reduce Prices
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Baselworldis proposing to lower prices for exhibitors and visitors in an attempt toreinvigorate the annual watch and jewelry show. “Expensescrossed the pain threshold for many people in past years,” Baselworld CEOMichel Loris-Melikoff said in a statement...
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Watches
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Sep 12, 2018
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Rapaport News
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Hong Kong Powers Swiss Watch Exports
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Asian demand drove a 7% increase in Swiss watch exports in July,according to data the nation’s timepiece association released Tuesday. Total shipments rose to $1.84 billion (CHF 1.82 billion),the Federation of the Swiss Watch Industry reported. Orders...
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Watches
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Aug 22, 2018
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Rapaport News
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Watch Out, JCK: Swatch Just Left Baselworld
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The dramatic announcement that Swatch Group will not participate in the 2019 Baselworld exhibition was not surprising, despite its shock value. For some time now, exhibitors have expressed frustration with the...
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Polished Markets
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Aug 01, 2018
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Avi Krawitz
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