Vendome ahead in jewellery boom
Thursday 27 November 1997
Vendome, which is largely Swiss-based but is listed on the London stock market, said sales of jewellery were up by 46 per cent across the group with sales strong in Europe, the Far East and the Americas. Watch sales were also strong in all markets with the more expensive gold and jewellery timepieces selling strongest.
Reporting a 30 per cent increase in half-year profits to SFr279.2 (pounds 121.4m), Lord Douro, Vendome's deputy chairman, said the group's sales in the Far East, had not been affected by the turbulence in the financial markets there. The region accounts for 38 per cent of group sales.
He added: "There is no evidence that group sales have been much affected by currency and stock market falls in the Far East. In a time of financial volatility there is not usually that much effect on the top end of the luxury goods market. There is a tendency to buy goods that retain their value."
Sales in Japan, which account for 16 per cent of group sales, have continued to grow strongly. However, Lord Douro said sales to Japanese nationals travelling elsewhere in the Far East had been hit. Sales in Japan had been "holding up" in November, Lord Douro said, though figures were not yet available.
Chloe, Vendome's haute couture fashion label where Paul McCartney''s daughter Stella is the chief designer, has performed well. Sales from the Paris show six weeks ago are significantly higher than the previous year." Lord Douro said sales from the show were not included in the group's half year figures and would have only a minimal impact on the next reporting period.
Lord Douro shrugged off criticism that Vendome was poorly understood by the City, which had also urged the group to report on how its individual brands were performing.
The company is majority owned by the South African controlled, Richemont Securities, and was formed four years ago as part of the re-organisation of the luxury goods businesses of Richemont, Dunhill Holdings and Rothmans International.
auctionThe first 23 lots have now gone. But there are 22 more still up for grabs
healthJames Bond's alcohol consumption puts him at 'high risk' of cirrhosis, tremors... and impotence
musicPolice chief rejects rappers' claims that his work is as dangerous as law enforcement or military service
comedy'Fresh Meat' star sees off stiff competition from Alan Carr, David Mitchell, Graham Norton, Lee Mack and Sarah Millican to win top prize
tvSpoiler alert: Find out the result of a heated final show
Beatles rush out 'bootleg' album to defy EU copyright law
Harvey Weinstein reveals his secret weapon on-set
Now that an oil trader's drinking has got him sacked, will we all have to make do with an afternoon latte?
Chiwetel Ejiofor and Idris Elba get nods for Best Actor, which no black Brit has ever won
Geoffrey Macnab reviews The Desolation of Smaug - the meat in Peter Jackson's Hobbit sandwich
peopleWhat advice would David Cameron give to his younger self?
- 1 Nelson Mandela memorial: ‘Bogus’ sign language interpreter made mockery of Barack Obama’s tribute in Soweto
- 2 Mystery of Epping Forest 'big cat' is solved
- 3 French café starts charging extra to rude customers
- 4 Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
- 5 Physicists discover 'clearest evidence yet' that the Universe is a hologram
- < Previous
- Next >
iJobs Money & Business
£30000 - £45000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Pre-Sales / Cl...
£40000 - £60000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...
£40000 per annum: Harrington Starr: Senior Network Engineer (CCNP, CCIE, Netwo...