Richemont’s Rupert Says Luxury Watchmakers Must Cut Production
Shoppers browse the window display of a Rolex store in Brussels, Belgium.
Photographer: Cyril Marcilhacy/BloombergThe head of Richemont, the owner of Cartier and Vacheron Constantin, said the luxury watch industry must reduce production after a downturn in demand for costly timepieces.
Chairman and founder Johann Rupert told shareholders at the Swiss luxury conglomerate’s annual general meeting that global demand for watches “has gone past the boom,” held back by subdued sales in mainland China and Hong Kong.