Business

Cartier's head on economy crisis
by Barbora Misakova

Economy recovery is the most important issue from all. Analysts are looking for any sign of economic revival in all economic sectors. The luxury goods industry is no exception. It had to fight against economic downturn as well as any other industrial sections. How is it looking with it now? Raphael Kahane met the head of the exclusive jewelry and watches brand, Cartier International. This French manufacturer is a subsidiary of Switzerland’s Compagnie Financiere Richemont SA and has a long history. Name of Cartier is connected with royalty, stars and celebrities. One Prince of Wales said that Cartier is “Jeweler to Kings, King of Jewelers.” But how is this “King of Jewelers” fighting against the crisis? As Bernard Fornas, President of Cartier International said, the company’s last quarter 2009 looks very good, but he mustn’t forget that other stores around the world didn’t have the same luck. On the question what does he expect ! from 2010 he just answered: “I hope that 2010 will show recovery. But I don’t know.” As no one can be sure what comes next, the only thing a businessman can do is to prepare. “What I know is that I have prepared everything to be very reactive, very flexible and very quick in everything we do.” he said. So Cartier is ready to stop or start again its production over night. While art sector coast to profit on Giacometti’s sculpture of “Walking man”, jewelry sector is in different position. As Fornas said, these two sectors are not connected. While art pieces are sold for great amounts of money, jewelry has not such a value to one sold piece would be sufficient for the company. That’s why he “always try to pick up market share when things go bad.”

related story (sgx16558): http://www.france24.com/en/201002! 19-busin ess-interview-berna...

by Barbora Misakova for SigEx Ventures (http://sigexventures.com)

SigEx Ventures's matrix of properties are quickly becoming leaders in digital telebroadcasting, free content delivery allowing people to easily talk, view, upload and share through free online TV broadcasting, free unlimited global calls, video blogs and SMS. SigEx Ventures invests in projects deploying "free" to add-on royalty revenue models

posted by Blog TechSource @ 11:44 PM