Cartier owner Richemont on Friday said “yellow vest” protests in France weighed on its sales momentum in the last three months of 2018, even as growth in key markets like China kept up at a healthy pace.
Yoox Net-A-Porter is adding more new tech to its webstores offer and this week has unveiled “a unique styling suite to deliver [an] innovative shopping experience to customers worldwide” for its Yoox off-price store.
YNAP said its Cyber Weekend lived up to predictions with a strong rise in demand for “fine jewellery and watches, partywear and exclusive items as luxury customers treated themselves to something special.”
The luxury group is bolstering its digital resources, by taking direct control of its labels’ e-tail operations, until now managed by YNAP, and joining forces with Apple to improve the customer experience.
Luxury shoppers are using ‘cyber weekend’ to treat themselves to exclusives, including luxe watches and jewellery. They also want one-of-a-kind experiences, and are more influenced by Instagram posts than ever.
Luxury goods stocks have been hammered in recent weeks by concerns about weakening demand in China and a looming trade war with the US. But the real picture is much more mixed, the chairman of Alibaba said on Monday.
Luxury goods group Richemont struck a cautious note after reporting sales numbers hurt by moves to combat the grey market and efforts by the Chinese government to discourage consumers from spending overseas.