by pavithra » Wed Jul 21, 2010 11:11 am
Two years ago luxury brands were aiming at the masses and Dana Thomas wrote an entire book on how luxury was losing its luster. With these sobering economic times, will luxury get some of its "luster" back? That seem to be the message from Cartier Watches CEO Bernard Fornas who told Reuters at the SIHH watchfair that " the real, true luxury is back" and that consumers are being tougher with their choice of brands.
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Posted: Wed Jul 21, 2010 11:12 am Post Subject:
His words come as Cartier watches parent company, Richemont posted at 12 percent drop in third-quarter sales and announced that 180 out of around 200 staff making watch casings at a Cartier plant in Switzerland would be put on part-time work starting next month. Richemont's statement included the grim forecast that :"given the current economic climate and the uncertainties facing us, we see no cause for optimism."
Swiss watch exports have fallen and Richemont has seen demand for their brands including Cartier watches, Montblanc, Piaget, IWC, Baume & Mercier and others sink over the past year especially in the United States. Bernard Fornas found hope at the Geneva watchfair, saying that it was better than expected. As my colleague Ariel Adams recently mentioned, Cartier is refining and adding to its classic lines introducing a new Cartier Tank Americaine Tourbillon Volant Watch to tempt watch buyers.
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