Richemont Group to open fewer stores this year
Richemont Group, the owner of jeweller maisons such as Cartier or Van Cleef Arpels and watchmakers such as Vacheron Constantin and IWC announces it will open 50 boutiques by March 2014, compared to 66 opened in the year ending March 31st 2013. Richemont Group initially planned for 100 new boutiques, but market conditions have determined the company to scale down.
Richemont Group has 1,740 shops around the world, 1,014 of which it operates itself with the remainder operated by franchisees. Jewellery maison Van Cleef Arpels is one of the Richemont Group brands to change its strategy in China, instead of a larger number of smaller boutiques, it plans to open fewer but larger boutiques. In an interview to Down Jones, Gary Saage, CFO of Richemont Group declined to comment how many boutiques have already or will be closed in China, instead commented ‘more shops were being relocated than shut’.