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Cartire'S Peak In The First Quarter Is Still A Big Problem For Hongkong.

2019/7/24 10:49:00 35

Cartier

The first quarter results of Swiss luxury giant Compagnie Financi re Richemont SA (CFR.VX) announced again that Hongkong has become the biggest uncertainty in the luxury market in 2019.

In the first quarter of June 30th, the Asia Pacific market of the peak group failed to take the lead in joining the online distribution business. 10% of the fixed exchange rate growth was equal to that of the Americas, but 12% of the European market lost, though the double-digit growth of the mainland market, it was partly offset by the decline in the Hongkong market.

Li said that mainland China's business mainly benefited from VAT and tariff reduction, while the Hongkong market recorded a decline in strong currency and social events. However, the overall Asia Pacific market recorded an increase of 9% in the first quarter, excluding the growth of online business in the Americas and Japan, which recorded a growth of 1% and 6% respectively, while Europe declined 1%, while the Middle East and Africa markets fell 12%.

The unexpected downturn of the watch business led investors to sell the Swiss luxury giant stock in the early morning, which fell by nearly 4% at most, although the subsequent decline narrowed, but it still fell 1.7% all day.

Social events started in the second week of June severely damaged Hongkong's retail industry. Local consumers' mood was depressed, and the growth of mainland tourists slowed down, or even in July. It was a fatal blow to Hongkong's retail industry.

The Hongkong Retail Management Association has already cut the growth rate of Hongkong's retail industry from single digit growth to double-digit decline in response to the current situation. In the first quarter, the sales of same stores in Hongkong and Macao fell by 10% and 11% respectively, while the Swatch Group AG (UHR.VX) Swatch group, also known as the rival group, announced a 3.7% decline in fixed exchange rate revenue in the first quarter. In the first half of the year, the world's largest watch group's income actually declined by 4.4% to 4 billion 78 million francs in.

On Thursday, the peak group said that if the online distribution business of Yoox Net-a-Porter Group (YNAP) and Watchfinder & Co. were removed, sales growth in fixed exchange rate was only 3% in the first quarter, and the actual growth rate was only 6%.

The performance of Swatch group is mainly due to the fact that the group also owns the jewelry department. At the same time, the clock business is a high-end brand, and the impact is far less than that of its competitors. By the end of June, the company had a net cash of 2 billion 400 million euros.

On Thursday, the Swiss watch industry association released more data than ever. The export of Rui watches dropped by 10.7% in the same month, of which the wrist watch export dropped by 10%, mainly due to a sharp fall of 26.8% in the export market of Hongkong. The first place in the Hongkong market also made its first move to the United States in 10 years after the financial crisis.

The value of exports to the United States and Hongkong in the same month was 2.029 Swiss francs and 1.984 Swiss francs respectively. The strong high-end exports in June declined both in volume and value. Hongkong's sluggish performance has dragged down its performance in June, the worst performance in October 2016 over 30 months.

In the first quarter, the fixed exchange rate of the clock business, including Vacheron Constantin, Vacheron Constantin, Jaeger-LeCoultre Jaeger Le Coulter and IWC Schaffhausen, fell by 2% in the first quarter, while the euro increased 1% to 823 million euros.

However, the jewelry business of Cartier Cartire and Van Cleef & Arpels Van Cleef & Arpels two brands rose 10% to 1 billion 827 million euros, and the fixed exchange rate increased 7%.

Excluding online distribution business, the fixed exchange rate increased by 6% in the first quarter, while the wholesale business declined by 2%. In the first quarter, the new products were launched in the two quarter, while the reduction of distribution networks had a blow to wholesale revenue.

After stripping Lancel in June last year, the peak business in the first quarter fell by 3%, excluding Lancel, which still had a 1% fall in fashion business.

Li said that the company will publish its results in four seasons, and will not repeat the previous five months' overall data released until September. In September 11th, the company will hold annual shareholders' meeting, and then publish its interim results, including profits, in November 8th. Author: He Wei

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