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Titan Sales Slump as Lockdown Hits India
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Revenue at Titan Company dropped sharply in the past two months during India’s coronavirus lockdown, but the jewelry retailer noted encouraging signs as restrictions eased.Jewelry sales fell more than 80% year on year in May...
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Retail
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Jul 09, 2020
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Rapaport News
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Jewelers See Positive Signs as Business Restarts
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Times are hard for luxury in general, and jewelry in particular. In a recent survey by McKinsey & Company, jewelry was one of the luxury products consumers were most willing to forgo post-Covid-19, considering the financial crisis...
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Retail
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Jul 02, 2020
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Leah Meirovich
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Podcast: How Covid-19 Will Transform Stores
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The coronavirus has forced retailers into new ways of doing business. In this webinar, Rapaport Editor in Chief Sonia Esther Soltani and Elle Hill, CEO of jewelry consultancy firm Hill & Co., discuss the...
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Retail
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Jun 14, 2020
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Rapaport News
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Chow Tai Fook Sees Dim Hong Kong Outlook
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Chow Tai Fook expects sales in Hong Kong to remain weak after reporting a sharp slump in revenue and profit due to the coronavirus. Consumer demand was slow in the municipality in April and May as tourists stayed...
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Retail
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Jun 11, 2020
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Rapaport News
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Tiffany Sees ‘Robust Recovery’ in China
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Tiffany & Co. reported a strong rebound in its operations in mainland China during April and May, after Covid-19 lockdowns resulted in heavy first-quarter losses for the jeweler. “While sales in key markets like the...
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Retail
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Jun 09, 2020
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Rapaport News
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Natural Diamond Council Hires Retail VP
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Gabrielle Grazi has joined the Natural Diamond Council (NDC) as its vice president for retail following seven years at Signet Jewelers.The newly created role involves establishing the NDC as the natural-diamond authority among...
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Marketing
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Jun 08, 2020
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Rapaport News
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LVMH-Tiffany Deal Faces Uncertainty
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The LVMH board met on Tuesday to discuss its takeover of Tiffany & Co., fueling rumors that the $16.2 billion deal was less certain than before Covid-19.The panel of directors “focused its attention on the...
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Retail
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Jun 04, 2020
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Rapaport News
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De Beers Offers 100% Deferrals at May Sight
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De Beers is allowing rough-diamond customers to skip all purchases at next week’s sight, as shutdowns of manufacturing and retail markets have led to minimal demand.The sight will be the second consecutive sale at which the miner has allowed...
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Rough Markets
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Apr 30, 2020
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Joshua Freedman
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Luk Fook Hit by COVID-19 Closures
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Luk Fook’s same-store sales dropped 57% in the fourth fiscal quarter amid extensive retail closures for the first two months of the year and sluggish footfall in March.The jeweler saw a 60% year-on-year slide...
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Retail
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Apr 22, 2020
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Rapaport News
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Jewelry Trade Shrinks 4% in First Quarter
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The number of jewelry businesses operating in the US fell 4.2% year on year to 24,280 in the first quarter as exits from the industry more than doubled, according to data from the Jewelers Board of Trade (JBT).The number...
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Financial-Legal
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Apr 20, 2020
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Rapaport News
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How Three Jewelers Are Coping During COVID-19
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Can my company survive this crisis? How long will the shutdown last? Should I lay my workers off? Should I apply for government support? The coronavirus outbreak has left US jewelers with a string of questions. There...
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Retail
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Apr 07, 2020
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Joshua Freedman
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Hong Kong Retail Sales Plummet 79% in February
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Sales of jewelry and other hard-luxury items in Hong Kong slumped to an all-time low in February due to the coronavirus, according to government data.Revenues from jewelry, watches, clocks and other valuable gifts dropped 79% year on year...
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Retail
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Mar 31, 2020
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Rapaport News
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China Showing Positive Signs, Says Kering
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Kering, the owner of Gucci, Saint Laurent and Boucheron, said demand in China was starting to recover, even as the effects of the coronavirus intensified in other locations.“The group is observing encouraging signs in mainland China, where the...
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Retail
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Mar 22, 2020
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Rapaport News
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Coronavirus Pummels Chow Tai Fook’s Sales
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Sales at Chow Tai Fook dropped 60% in Hong Kong and Macau and 42%in mainland China in the first two months of the year as stores shut for muchof the period.“In response to the measures of local...
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Retail
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Mar 11, 2020
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Rapaport News
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Macy’s Notes Solid Quarter for Jewelry
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Jewelry was among the best-performing categories at Macy’s during the fourth fiscal quarter, even as overall sales declined at the department-store chain.Group revenue dropped 1.4% year on year to $8.34 billion in the three months ending...
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Retail
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Mar 03, 2020
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Rapaport News
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Online Growth Boosts Michael Hill Sales
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Revenue at Michael Hill grew 4.4% year on year to AUD 329.5 million ($216.7 million) in the Australian jeweler’s first fiscal half, as investments in digital platforms paid off.Same-store sales — at retail locations open for at least a year...
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Retail
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Feb 27, 2020
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Rapaport News
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US Trade Continues to Downsize
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The US jewelry industry contracted in 2019 as the number of businesses closing shop continued to exceed new entrants.The sector shrank 3.3% to 24,565 companies active in the fourth quarter, compared with 25,400 a year earlier, according to data...
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Retail
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Jan 20, 2020
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Rapaport News
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Chow Tai Fook Buys Chinese Retailer Enzo
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Chow Tai Fook has acquired Enzo Jewelry, a colored-gemstone brand with around 60 retail locations in mainland China.Enzo, founded in 2004, targets “modern, sophisticated and self-confident women who demand fashionable jewelry with a highly distinctive...
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Retail
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Jan 19, 2020
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Rapaport News
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Chow Tai Fook to Shut Stores in Hong Kong
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Chow Tai Fook intends to close up to 15 stores in Hong Kong as street protests and a tourism slowdown have hit sales.Leases on more than 40 of the jeweler’s 91 retail locations in the municipality are due to expire during the fiscal...
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Retail
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Jan 14, 2020
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Rapaport News
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Retail
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Jan 09, 2020
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Sonia Esther Soltani
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