Cartier Financial News

Luxury-goods stocks slumped in Europe, wiping out more than $25 billion in market value, after Richemont chairman Johann Rupert said inflation is starting to dent demand across the region.

retail market is fragmented and luxury timepieces are not really essential items. Rolex said the deal was the “best solution not only for its own brands but also for all the watch and jewellery partner brands." But the significance of this transaction—for which no financial details were disclosed—can’t be overstated. Rolex in effect selling direct to consumers for the first time is a seismic shift.

luxury jewellery and watch store, Piaget, located on Rue de la Paix in the heart of Paris. The robbers struck around 1:00 pm (1100 GMT), making off with an estimated 10 to 15 million euros worth of goods. Thankfully, no one was injured in the incident. Early indications suggest that three individuals were involved in the robbery, with at least one of them brandishing a weapon. The daring gang managed to escape the scene with their bounty, leaving authorities in pursuit of the culprits. Rue de la Paix is renowned for housing prestigious jewellery brands and is situated near the esteemed Place Vendome. This latest incident echoes a similar high-profile heist that occurred in April, where three individuals on motorbikes targeted the Bulgari store, fleeing with jewellery worth several million euros.

Some mid-tier priced luxury watches including models by Omega and Cartier outperformed as prices for the most popular and higher-end Rolex, Patek Philippe and Audemars Piguet models kept falling on the secondary market.

Luxury and commodity stocks drove European stocks to their first decline in seven days on concerns about China’s sluggish economy. Investors prepared for the latest batch of earnings that’s handed Wall Street banks some of their best results even as other industries are poised to slump.

Richemont led luxury-goods stocks lower amid concerns that demand in the US and China, two of the biggest markets for the industry, is starting to sputter.

Their merits are many: Diamonds and gemstones have a high intrinsic value that, when added to watches, renders them automatically investment-worthy. And improvements in gem setting techniques have amped up the dazzle factor. Increasingly, there’s been a greater interest in jewelled watches for men—top brands like Bulgari are now introducing jewelled pieces designed for male consumers.

Emmanuel Macron scrapped an official trip to Germany after nights of unrest across France. Officials said they were again deploying 45,000 police to the streets nationwide in an effort to head off a fifth night of violence. Some 2,400 people have been arrested overall since the teen's death on Tuesday.

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