The boho-chic brand that is buoying Richemont in a tough time for timepieces
Zurich/Paris — For Richemont, $10,000 watches are a tough sell these days, but shoppers are snapping up $2,000 Marcie handbags and ruffled blouses from the company’s fashion and leather label, Chloe. The Geneva-based luxury goods group, which has a secondary listing on the JSE, has been struggling through the longest downturn on record for Swiss timepieces, but the Parisian women’s wear and accessories house has been a rare bright spot. The company is ramping up investment in a brand known for its bohemian style, including eight new stores set to open in 2017. "The last two years we had strong growth at a time when hardly any luxury brands were growing," Chloe CEO Geoffroy de la Bourdonnaye said in an interview. "We really gained market share." Richemont chairman Johann Rupert has spent years building a portfolio of fashion and leather brands ranging from Parisian couturier Azzedine Alaia to British suit maker Dunhill, yet leather goods and clothing still account for only one-tenth ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.