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At five points in the past 500 million years, life on Earth was almost completely wiped out. We are now on the brink of a sixth mass extinction, and we are the cause. Can humans right their wrongs? The luxury industry must lead by example.
An influx of capital ends a year marked by a boom in sales at auction and on the pre-owned market as watches take on a new role as investment products.
The months go by and not a single cloud darkens Hermès' growth prospects. Sales increased 7.5% in 2016, and the Parisian firm recorded a further 13.5% rise in this year's first quarter. Only its watch business is struggling to keep pace.
Deloitte's latest report on the luxury market reveals two trends. One is the shift from the physical environment to digital experience. The second pinpoints luxury consumers' growing desire for personalisation.
As LVMH prepares to launch 24 Sèvres, an online department store selling 150 luxury brands and a potential rival to Yoox Net-A-Porter or Farfetch, watch brands have yet to properly embrace the digital domain.
The main luxury groups have reported a significant rise in revenue for the year's first quarter. Signs of a similar upturn in the watch segment suggest the industry could be back in the black for 2017.
For Audemars Piguet CEO François-Henry Bennahmias, it's a simple equation. Each year, some 600,000 luxury watches are produced for a global market of 30 to 40 million people. Until the figures balance, Swiss watchmaking can look forward to some great years… provided it knows how.
The biggest European private equity firm, CVC Capital Partners, has acquired a controlling stake in Breitling. The Schneider family, owner of the brand since 1979, retains a 20% share. The transaction, valued at €800 million, will close in June subject to approval by competition authorities.
