The bubble that has insulated high-price baubles seems to be deflating.
High-flying jewelers have turned apprehensive. They report that while traffic in the stores is still heavy, there is more browsing going on than buying. One retail executive called the mantra of the season “just looking.”
Powerhouses such as Compagnie Financière Richemont SA — parent of mainstays such as Cartier and Van Cleef & Arpels — and Bulgari SpA are seeing a falloff. Richemont’s sales increased 1.6 percent in October, but declined 2 percent at constant exchange rates. Bulgari issued a profit warning on Thursday after the Italian company’s...
Jewelers Feel Pain of Economy's Bite
Jewelers Feel Pain of Economy's Bite
by
Posted Monday November 17, 2008
Last Edited Monday December 01, 2008
From WWD Issue 11/17/2008
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