May 17, 2025 - 02:15
In a recent statement, the chairman of Richemont acknowledged the challenges faced by the luxury watch industry, particularly the impact of reduced consumer demand in China. The company's Specialist Watchmaker division reported a decline in both sales and profits, reflecting the broader trend of diminishing interest in high-end timepieces within the Chinese market.
In response to these market conditions, Richemont has taken proactive measures to adjust its production levels, aligning them more closely with current demand. The chairman praised rival watchmakers for their similar strategies, emphasizing the importance of adaptability in navigating the fluctuating economic landscape.
This collective effort among luxury brands to recalibrate production is seen as a necessary step to mitigate excess inventory and maintain brand prestige. As the market continues to evolve, industry leaders are hopeful that these adjustments will lead to a more stable recovery in the luxury watch sector.
