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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.
Watch exports gained 1.4% over the first ten months of the year compared to 2019 and pre-pandemic levels. Financial results for the main luxury groups confirm this resurgence.
As the effects of climate change become more and more “tangible”, luxury’s leading names are responding to the need for urgent action to stem environmental destruction and loss of biodiversity.
LVMH, Richemont and Prada have just announced the launch of the Aura blockchain. In the diamond sector, nanotechnology and blockchain-enabled solutions are emerging as the future of traceability.
As Europe continues to lag behind, Asia surges ahead and the United States is recovering well, signalling a strong start to the year for the luxury industry.
Hainan island – one of the stop-offs for Watches and Wonders 2020 – reels in tourists and Chinese shoppers with its beaches, palm trees and duty-free malls, a sector that is now opening to competition. Richemont is in the running through a collaboration with China Duty Free Group and a stake in Dufry.
In the space of a year, Farfetch has become the one to watch in luxury e-commerce, a position confirmed by the billion-dollar investment by Richemont and Alibaba in the company, which is still reporting losses, and by its share price performance. In the twelve months to February 18, Farfetch stock gained almost 450%.
Strong increases in share prices reflect investor sentiment that the luxury industry has already bounced back from the Covid-19 crisis, with record valuations.
As confirmed by Richemont’s third-quarter results, jewellery sales remain strong to the point that jewellery is the most promising segment in the personal luxury goods market. Driving this growth: changing purchasing patterns and soaring demand among Chinese customers.
