Headlines

Richemont Overcomes Decline in Watches Thanks to Healthy Jewelry Demand

Published

8 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.

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”