EDITORIAL: Online selling proves its worth at Richemont
Switzerland-based luxury firm’s overall sales drop by almost half, but the online section by much less
It was a few years ago that luxury goods makers woke up to the reality that more consumers, even high-net-worth individuals looking for intricate timepieces or perfumes, are happy to shift their spending online.
Richemont, the Switzerland-based luxury firm and watchmaker behind brands such as Cartier, snapped up an online portal Yoox Net-A-Porter in 2018. It was an embarrassing but necessary about-turn by the company — which counts SA’s richest man, Johann Rupert, as the biggest shareholder — acknowledging that consumers, especially tech-savvy millennials, are perfectly comfortable buying fine jewellery while sipping whisky on a couch...