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Watches bought back by the group are recycled to avoid them being sold at knockdown prices!
It is not ‘breaking news’ to say that the watch industry faced hard times in 2015 and 2016. Business had been tough due to decreasing sales. The Richemont Group – the luxury powerhouse that owns Cartier, IWC, and Montblanc among others – had also been affected by this situation, as reported by MONOCHROME here. Part of Richemont’s plan to improve the situation was a massive buyback strategy designed to reduce stock at retailers and enable them to invest in new collections. What was not known, until recently, was the total value of watches bought back by the group… According to The Guardian, we’re talking about approximately half a billion Euro/Dollar.
The situation is simple. In 2015, 2016, and 2017, sales of watches declined, including watch brands that are part of the Richemont Group (A. Lange & Söhne, Baume et Mercier, Cartier, IWC, Jaeger-LeCoultre, Montblanc, Panerai, Piaget, Roger Dubuis and Vacheron Constantin, among others). This led to a critical situation for the Richemont Group as sales were plummeting and retailers remained with a large inventory of unsold watches.
https://monochrome-watches.com/richemon ... two-years/
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