Latest Retail

Robust Luxury Market Boosts Watches of Switzerland

Revenue rose 17% year on year in third fiscal quarter, driven by expansion in Europe.

Category up 6.5% following nine months of stagnant growth, according to Mastercard SpendingPulse.

Increases for select products drove 9% growth in fourth quarter.

Segment contracted 10% to 15%, while fashion and watches had much steeper drops.

Revenue up 16% year on year in third fiscal quarter that ended December 31.

Malabar Gold & Diamonds will open showrooms in UK, Australia, Canada, Turkey, Egypt, Bangladesh and South Africa.

Ruba Abu-Nimah started with the luxury jeweler in March 2021 following its takeover by LVMH.

Revenue from hard luxury down 3% for the month.

436 businesses closed last year, compared to 536 in 2021.

Brand doubled its high-jewelry sales and saw strong demand for Lock bracelet collection.

Paris Peace Forum meeting also touches on responsible sourcing, workers’ rights, and respect for local communities.