Headlines

Richemont Overcomes Decline in Watches Thanks to Healthy Jewelry Demand

Published

10 years ago

May 25, 2016

INSTORE Staff

Revenue jumps 7 percent for the luxury group.

Richemont – the Geneva-based parent company of a group of luxury brands that includes Cartier – reported a 7 percent increase in revenue to $6.79 billion in the fiscal year that ended March 31, according to Rapaport. The article says that strong jewelry demand overshowed a decline in watch sales, as timepieces “were negatively affected by a challenging environment in Asia Pacific and the Americas.” The healthy appetite for jewelry also helped offset lost revenue from a handful of flagship store closures for renovation.

Honoring a Legacy: How Smith & Son Jewelers Exceeded Every Goal With Wilkerson

When Andrew Smith decided to close the Springfield, Massachusetts location of Smith & Son Jewelers, the decision came down to family. His father was retiring after 72 years in the business, and Andrew wanted to spend more time with his children and soon-to-arrive grandchildren. For this fourth-generation jeweler whose great-grandfather founded the company in 1918, closing the 107-year-old Springfield location required the right partner. Smith chose Wilkerson, and the experience exceeded expectations from start to finish. "Everything they told me was 100% true," Smith says. "The ease and use of all their tools was wonderful." The consultants' knowledge and expertise proved invaluable. Smith and his father set their own financial goal, but Wilkerson proposed three more ambitious targets. "We thought we would never make it," Smith explains. "We were dead wrong. We hit our first goal, second goal and third goal. It was amazing." Smith's recommendation is emphatic: "I would never be able to do what they did by myself."