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Richemont is a luxury goods conglomerate with 20 brands. Jewellery and watch brands make up 86% of sales, but the group is also active in accessories, writing instruments, clothing and online luxury retail. Richemont's Jewellery Maisons, including Cartier and Van Cleef & Arpels, account for 69% of revenue and vast majority of profits. Its other brands include Vacheron Constantin, Piaget, Jaeger-LeCoultre, IWC Schaffhausen, Lange & Soehne, Officine Panerai, Chloe, and Montblanc.

COMPAGNIE FNCE RCH UN/ADR by Compagnie Financiere Richemont AG

Compagnie Financiere Richemont SA

Swiss watch exports have experienced a significant decline, particularly in China and Hong Kong, leading to a 52-week low for Swatch Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SWGNF#OTC">SWGNF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SWGAY#OTC">SWGAY</a>).
What Happened: The exports of Swiss watches have recorded their most substantial drop since 2020, with a significant decrease in demand for high-end timepieces in key markets such as China and Hong Kong, <a href="https://www.bloomberg.com/news/articles/2024-04-18/swiss-watch-exports-plunge-as-china-and-hong-kong-demand-dries-up">reported</a> Bloomberg. 
The Federation of the Swiss Watch Industry revealed a 16% decrease in exports by value in March, amounting to 2 billion Swiss francs ($2.2 billion) from the previous year.
Shipments to China, the second-largest market for Swiss watches, fell by 42%, dropping below the levels seen in March 2020 when the industry came to a standstill due to pandemic lockdowns. Shipments to Hong Kong also plummeted by 44%.
Swatch Group, the manufacturer of Omega and Longines brands, saw its shares hit a fresh 52-week low on Thursday, dropping by about 1% in Zurich trading. Shares of Compagnie Financière Richemont SA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/CFRUY#OTC">CFRUY</a>), the owner of Vacheron Constantin and Cartier, also fell by approximately 1%.
"The negative trend is even worse than we expected and the decline in China is really worrying and probably indicates that inventories in the region were once again too high," said Jean-Philippe Bertschy, an analyst at&nbsp;Vontobel&nbsp;in Switzerland.
See Also: <a href="https://www.benzinga.com/news/24/04/38267600/amid-iran-israel-tensions-china-affirms-support-for-tehran-strengthens-ties?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amid Iran-Israel Tensions, China Affirms Support For Tehran, Strengthens Ties</a>
During the pandemic, the demand for Swiss watches and luxury timepieces experienced a significant surge. Consumers, confined to their homes and benefiting from government stimulus measures, rushed to purchase top brands such as Rolex and Patek Philippe.
The decline in exports highlights a global reduction in demand for Swiss timepieces, which experienced an unprecedented surge from 2021 to mid-2023. Factors such as higher interest rates, uncertain economic growth, and geopolitical tensions have led watch buyers to reconsider investing in expensive timepieces.
Why It Matters: The Swiss watch industry&#8217;s current struggles are part of a broader trend affecting the global luxury market. Brands such as Prada, Gucci, and Louis Vuitton are anticipating a <a href="https://www.benzinga.com/news/24/04/38155531/prada-gucci-louis-vuitton-brace-for-sales-slump-as-chinas-economic-turbulence-hits-luxury-market">significant decline in sales</a> due to weak demand from China. This decline is also attributed to challenging comparisons with the sales spike following the COVID-19 pandemic in 2023.
China&#8217;s economic turbulence is impacting various sectors, <a href="https://www.benzinga.com/news/24/04/38286259/china-says-no-bullet-trains-vacations-or-luxury-stays-for-debt-skippers-as-delinquency-list-soars-to">including luxury goods</a>. The Chinese government has taken stringent measures against debt defaulters, including restrictions on high-speed rail travel and luxury accommodations, as part of a broader crackdown on unpaid bills.
Another factor potentially affecting the luxury watch market is the trend of treating <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38138323/rolex-ceo-does-not-like-treating-luxury-watches-as-stock-investments-this-sends-the-wrong-">luxury watches as investments</a>, which has seen a significant uptick during the pandemic. The CEO of Rolex, Jean-Frédéric Dufour, has warned against this practice, stating that it sends the wrong message and is dangerous.
Read Next: <a href="https://www.benzinga.com/news/24/04/38292593/china-linked-espionage-campaign-targeting-apples-iphones-blackberry-raises-alarm-with-new-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China-Linked Espionage Campaign Targeting Apple&#8217;s iPhones: BlackBerry Raises Alarm With New Report</a>
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Slump In Chinese, Hong Kong Demand Sends Swiss Watch Exports Plummeting: 'Negative Trend Is Even Worse Than We Expected,' Says Analyst

The luxury goods industry is preparing for a substantial decline in sales, attributed to China&#8217;s subdued demand and challenging comparisons with the sales spike following the COVID-19 pandemic last year.
What Happened: Investors are bracing for a sharp fall in sales as luxury brands reveal their Q1 results. The anticipated decline is linked to weak demand from China, and Reuters reported that compared with last year, when COVID-19 restrictions were lifted in mainland China, a sales surge was resulting.
LVMH Moet Hennessy Louis (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), the world&#8217;s largest luxury conglomerate, will be the first to announce results on Apr. 16, followed by competitors Kering (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PPRUF#OTC">PPRUF</a>), Prada (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PRDSY#OTC">PRDSY</a>), and Hermes International (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAF#OTC">HESAF</a>) a week later. Burberry Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BURBY#OTC">BURBY</a>) and Compagnie Financière Richemont SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CFRUY#OTC">CFRUY</a>) will report in May.
See Also: <a href="EXCLUSIVE: 'China's Stock Market Has Bottomed, Indicating A Potentially Rare Opportunity,' Says Investment Strategist">EXCLUSIVE: &#8216;China&#8217;s Stock Market Has Bottomed, Indicating A Potentially Rare Opportunity,&#8217; Says Investment</a>
A surprise warning from Kering last month that Q1 sales would be down by 10% rather than the expected 3% has already cast a pall over the reporting season. The group attributed the sales slump in Asia to its star label, Gucci. This underperformance has sparked worries that other luxury fashion labels might struggle in China.
&#8220;We&#8217;ve got a lasting crisis and we don&#8217;t know where things are heading,&#8221; said Olivier Abtan, a consultant with AlixPartners. He characterized the slump as unparalleled, stating that &#8220;all growth engines have been off for a number of quarters.&#8221;
HSBC analysts have also observed that Chinese tourists in Hong Kong, Macau, and Singapore appear to be spending less. This uncertainty impacts the valuation of companies like Kering, which is trailing its competitors.
Why It Matters: The luxury sector&#8217;s outlook is clouded by geopolitical tensions and economic uncertainties in China. The U.S. Treasury Secretary, Janet Yellen, recently warned <a href="https://www.benzinga.com/news/24/04/38138081/janet-yellen-threatens-beijing-with-us-sanctions-standing-in-mainland-china-if-they-assist-russia-in">Chinese banks and exporters</a> against aiding Russia's military capacity, citing potential sanctions. This development could further dampen China&#8217;s economic prospects and impact the luxury sector.
Furthermore, <a href="https://www.benzinga.com/news/24/04/38135736/biden-set-to-warn-beijing-as-china-philippines-feud-over-world-war-2-era-ship-in-south-china-sea-und">tensions are escalating</a> in the South China Sea, with President Joe Biden expected to express serious concerns over China's increasing activities in the region. These geopolitical issues, coupled with the ongoing economic challenges, are likely to impact further consumer sentiment and spending in China, a key market for luxury brands.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38131596/yellen-warns-china-hands-off-russias-war-efforts-in-ukraine-or-face-significant-consequences?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Yellen Warns China: Hands Off Russia&#8217;s War Efforts In Ukraine Or Face &#8216;Significant Consequences&#8217;</a>
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Prada, Gucci, Louis Vuitton Brace For Sales Slump As China's Economic Turbulence Hits Luxury Market

China&#8217;s recent release of mixed economic data is weighing on U.S.-listed Chinese equities and sectors strongly linked to <a href="https://www.benzinga.com/topic/china">Chinese growth on Monday. </a>
China&#8217;s economy grew 6.3% YoY in Q2 2023, missing the market&#8217;s projected 7.3% rise. This marks a jump from Q1&#8217;s 4.5% increase.
June 2023 saw industrial production up 4.4% YoY, exceeding the estimated 2.7% boost. Conversely, retail sales grew only 3.1% YoY, its weakest performance since last December, falling short of the 3.2% forecast.
Also Read: <a href="https://www.benzinga.com/news/23/07/33209031/fbi-director-warns-xi-jinpings-communist-cells-influencing-us-companies-in-china-to-advance-ccps-int">FBI Director Warns Xi Jinping&#8217;s &#8216;Communist Cells&#8217; Influencing US Companies In China To Advance CCP&#8217;s Interests</a>
<h2 class="wp-block-heading">Market Reactions: Chinese ADRs, Commodities, Luxury Stocks In Focus</h2>
Commodities and Asian equities were the first assets affected by the data, followed by European luxury stocks and, then, U.S.-listed Chinese stocks.
Copper, a commodity that is extremely susceptible to the country&#8217;s growth momentum, fell 2.2% on the day, its worst session since May 10. Gold and silver, two precious metals, fell 0.1% and 0.5%, respectively, following a robust week of gains.
Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>) was the weakest link among Chinese ADRs, falling 5%. PDD Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) followed with a 3% decline, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. However, Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and JD.com, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JD#NYSE">JD</a>) managed to limit their losses, with 1.6% and 0.8% declines, respectively.
In the European luxury sector, companies including Hermès International Société (OTCPK: HESAY), and LVMH Moet Hennessy (OTCPK: LVMHF) experienced significant downward pressures, with declines exceeding 3%. The Swiss Compagnie Financière Richemont SA (OTCPK: CFRUY), announced lower-than-expected organic revenue growth in the first quarter, contributing to the stock&#8217;s 9% drop.
In the materials and mining sector, Vale S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>), Rio Tinto Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>), and Freeport-McMoran Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) all suffered 2% to 2.7% drops.
Read now: <a href="https://www.benzinga.com/general/entertainment/23/07/33238736/janet-yellens-beijing-visit-triggers-wild-mushroom-craze-in-china">Janet Yellen&#8217;s Beijing Visit Triggers Wild Mushroom Craze In China</a>
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China's Growth Disappointment Is Moving Stocks Monday: Tencent, PDD Holdings And Luxury Goods

Picture credit: Gaucho Group Holdings Inc.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
From fine wines and exclusive accommodations to high-end leather goods and Argentinian steakhouses, Gaucho Group Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vino#NASDAQ">VINO</a>) wants you to enjoy Argentina&rsquo;s luxury lifestyle.
Whether it be a villa in Mendoza wine country or a stay at its exclusive hotel in the country&rsquo;s capital of Buenos Aires, the Miami-based company is on a mission to reveal much that Argentina has to offer in the realm of high-end living. The company has integrated e-commerce businesses to make its products more readily available to North American and global consumers.&nbsp;
Its leather goods and accessories brand&rsquo;s (<a href="https://gauchobuenosaires.com/">Gaucho - Buenos Aires</a>), latest focus is on its new luxury handbag dubbed <a href="https://gauchobuenosaires.com/pages/the-lucky-bag">The Lucky Bag</a>, which continues the development of its luxury clothing and accessory lines that also include leather jackets and high-end sportswear for men and women.
<h2>A Bag for all Seasons?</h2>
Describing the bag as a &ldquo;statement piece,&rdquo; The Lucky Bag can be worn at any time of the year.
&ldquo;More than a product, <a href="https://gauchobuenosaires.com/pages/the-lucky-bag">The Lucky Bag</a> is an evergreen silhouette; a piece that can be carried from season to season by its owner and serve as a part of Gaucho&rsquo;s core collection of handbags moving forward,&rdquo; according to the company.
The bag is described as a traditional saddle bag with a contemporary upgrade. It is designed in a classic saddle shape that curves around a horseshoe logo flap and has what Gaucho calls an &ldquo;equestrian-style&rdquo; grab handle with a detachable shoulder strap, the ensemble giving off a &rsquo;70s vibe with a bold architectural twist.
Two versions of The Lucky Bag are also available in black, cognac, or sky blue. The genuine leather bag retails at $595 while the embossed version is priced at $695 with free shipping provided for orders over $100.
In addition to its online marketplace, the company expects to celebrate the grand opening of its flagship Gaucho - Buenos Aires store in Miami&rsquo;s design district in Q2 2022, alongside luxury brands owned by Compagnie Financiere Richemont SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cfruy#OTC">CFRUY</a>) (SWX: CFR), such as Cartier and Piaget, as well as stores operated by Prada SpA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/prdsy#OTC">PRDSY</a>).
In addition to its Buenos Aires hotel and luxury villas, Gaucho makes and sells wine under its Algodon label at <a href="https://algodonfinewines.com/">AlgodonFineWines.com</a>. The company is also developing a retail and hotel complex in Las Vegas to highlight its Argentinian heritage, which may feature&nbsp; an authentic Argentinean steakhouse, wine bodega, Gaucho products retail stores, and luxury Gaucho branded hotel.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.

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This Luxury Company's Products And Experiences Are Made To Express Argentina's Lifestyle

Want to get into haute horology?
It&rsquo;s not the name of a new influencer trend, but it is one that has stood the test of time &mdash; it&rsquo;s the love of fine watches, not an <a href="https://www.benzinga.com/money/best-place-to-sell-iphone/">iPhone</a>&nbsp;clock or watch.
For devotees, there are certain watches that are coveted and collected. Some people start this passion by chance, inheriting a watch from a family member&nbsp;or seeing a watch worn by their favorite celebrity or movie character.
Five of those iconic, and often pricey watches are listed below. (Note: The watch prices&nbsp;are for new watches, not those on the resale market.)
1. Paul Newman&rsquo;s Rolex Daytona, Ref. 6239
<img alt="" src="https://www.benzinga.com/files/u261304/rolex_daytona.phillips.png" style="height:278px; width:500px" />
This list starts with a love story: In 1968, Joanne Woodward, Paul Newman&rsquo;s wife, bought a Rolex Daytona, Ref. 6239 watch from Tiffany&rsquo;s and had it inscribed on the back with&nbsp;&ldquo;Drive Carefully Me&rdquo;&nbsp;&mdash; possibly in reference the movie, &ldquo;Winning,&rdquo; the couple was making in which Newman portrayed a racecar driver. (Originally developed in 1963 to meet the demands professional racecar drivers,&nbsp;the Daytona is in reference to the racetrack in Florida.)
Newman became both hooked on racing and the watch, which he wore continuously until the mid-&lsquo;80s.
When Newman passed away, collectors started to haunt auction houses or watch dealers to see if it it had come onto the market.&nbsp;Turns out, Newman gave it to his daughter Nell Newman&rsquo;s then-boyfriend&nbsp;James Cox as a gift in 1984. After the elder Newman died, Cox&nbsp;sold it at auction in 2017 through Phillips New York auction house. According to a <a href="https://www.forbes.com/sites/hylabauer/2017/10/26/paul-newmans-paul-newman-daytona-sells-for-15-5-million-a-record-for-a-wristwatch-at-auction/?sh=2657281a5313">Forbes article</a>, a portion of the proceeds go to the Nell Newman Foundation, continuing in the spirit of Paul Newman, who was known for his philanthropy.
How much did it sell for? $17.8 million, winning bidder unknown.
Price (Rolex website): 
High: Oyster Perpetual Cosmograph in platinum. Price upon request (but think more than $41,000) 
Low: Oyster Perpetual Cosmograph in oystersteel: $14,550
2. Cartier Tank Watch
<img alt="" src="https://www.benzinga.com/files/u261304/cartiertank.png" style="height:278px; width:500px" /> 
Developed by Parisian jeweler Louis Cartier in 1917, the Tank watch has become one of the most recognizable &mdash; and sought after &mdash; Cartier watch designs.
The inspiration? A Renault tank Cartier had seen in used in France during World War I. Since the first Tank watch, Cartier (the company) has created offshoots of the Tank:&nbsp;the Cartier website lists 83 models.
What makes the watch a Tank are its features: its lateral brancards, the Roman numeral dial, chemin-de-fer chapter ring, sword-shaped blue steel hands and a winding crown topped with sapphire cabochon.
Princess Diana, Jacqueline Onassis and Yves Saint Laurent were known for their Tank watches, and today&rsquo;s notable fans include Mick Jagger, former first lady Michelle Obama, and actors Rami Malek and Leon Bridges.
Cartier is owned by&nbsp;Compagnie Financi&egrave;re Richemont S.A. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cfruy#OTC">CFRUY</a>).
Price (Cartier website): 
High: Tank Cintr&eacute;e Watch: $106,000 
Low: Tank Must Watch: $2,610
3. Jaegar-LeCoultre 101 Reine
<img alt="" src="https://www.benzinga.com/files/u261304/lareine.png" style="height:278px; width:500px" /> 
For her coronation in 1953, Queen Elizabeth II wore a Jaegar-LeCoultre 101 Reine. A gift from Vincent Auriol, the then President of France, its slim and elegant look was the perfect foil to the really big jewelry the Queen was wearing that day. (And during the 1950s, it was unseemly for a woman to look at her watch for the time, so this way, during the actual coronation when the Queen was wondering, &ldquo;When is the going to end? I need a cocktail.&rdquo; she could discreetly look at her watch.)
Besides gracing the wrist of a queen, what distinguishes this watch is that it has one of the smallest mechanical movements, the Calibre 101, designed by Jaeger-LeCoultre in 1929.
The 101 has amassed a loyal following: variations have recently been spotted on the wrists of the actresses Diane Kruger, Dakota Fanning and Catherine Deneuve.
Jaegar-LeCoultre is also owned by&nbsp;Compagnie Financi&egrave;re Richemont S.A.
Price: (From Jaeger-LeCoultre website) 
High: Price upon request 
Low: While there isn&rsquo;t a less expensive model of the Reine, may we interest you in Reverso Tribute Nonanti&egrave;me in pink gold at about $45,535, or the Master Ultra Thin Perpetual, worn by Benedict Cumberbatch as&nbsp;Dr. Stephen Strange&nbsp;in the Marvel movie. In white gold it is priced at about $47,853.
4. Omega Constellation Manhattan
<img alt="" src="https://www.benzinga.com/files/u261304/omegaconstellation.png" style="height:278px; width:500px" /> 
Omega&rsquo;s Constellation was released in 1952, distinguished by the &ldquo;claw&rdquo; at 3 and 9, which were designed to keep the crystal in, but became its signature look.
In 1982, the Constellation Manhattan became available and is the favorite of supermodel Cindy Crawford and her daughter, model/influencer Kaia Gerber. Are there diamonds on it? Of course.
Omega is owned by The Swatch Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/swgay#OTC">SWGAY</a>), which also includes the &#39;80s iconic watch company, Swatch.
Price (From Omega website): 
High: Co-Axial Master Chronometer in Sedna Gold, $29,000 (and currently a waiting list) 
Low: Co-Axial Master Chronometer, $12,300
5. Rolex Submariner, Ref. 6538
<img alt="" src="https://www.benzinga.com/files/u261304/submariner.png" style="height:278px; width:500px" /> 
The epitome of product placement in movies are the watches worn by James Bond. The one to kick it off was the Rolex Submariner, Ref. 6538, which made its cinematic debut on Sean Connery&rsquo;s wrist in 1962&rsquo;s &ldquo;Dr. No.&rdquo; And while different Submariners, such as Ref. 5513, 6238 and 16610, were seen in other Bond movies, nothing can beat the original.
More practically, the Submariner is designed to be a diver&rsquo;s watch, but also works as a sports watch.
Prices: (From Rolex website): 
High: 18 kt. white gold, $40,650 
Low: Oystersteel, $8,950
Photos: Via company websites; Daytona via Phillips; Sean Connery as James Bond, Columbia Pictures via IMDb.

Personal Finance

5 Iconic Watches Of Movie And Celebrity Lore That You Can Buy — At A Steep Price

Considering that the Olympics Games in Tokyo have been postponed until 2021, it was to be expected that most other major sporting events around the globe would soon follow.
However,&nbsp;France has always had a mind of its own when it comes to its annual tennis Major the French Open.&nbsp;Unlike the prudent Wimbledon which is officially canceled for 2020, Roland Garros is postponed but tentatively scheduled to start September 20th.
Desperate Move
This announcement made some tennis players angry, as not only does the new timeframe clash with other events but it makes the physical demand quite challenging. Even for the king of red clay, Rafael Nadal, who probably stands to gain the most from this announcement,&nbsp;the quick turnaround time between the U.S. Open in August and the rescheduled French Open will likely be tremendously difficult.
Unlike Wimbledon, which can apparently bear the brunt of financial losses, French Open bosses admitted their tournament could face losses of $284 million if the tournament was not played this year. And unlike Wimbledon which&nbsp;simply cannot be played after late-summer, September in Paris is even warmer than in May.
How The Major French Open Sponsors Are Coping With COVID-19
BNP Paribas (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTC">BNPQY</a>), one of the world&#39;s largest banking groups with operations in over 70 countries, is the latest among the big banks&nbsp;to announce the suspension of its dividend.
On the other hand, Mastercard Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ma#NYSE">MA</a>) is expecting short-term headwinds that will be followed by long-term tailwinds. The company is confident in amortizing the COVID-19 blows due to the trend of consumers shifting away from cash to cashless payments. So despite a negative hit to its top and bottom lines due to the global shutdowns, Mastercard is expected to&nbsp;grow as we head into an economic recovery, especially as consumers pay for &quot;stay at home&quot; goods and services using credit cards. If anything, COVID-19 will only speed-up the use of cashless payments in the long term.
On the other hand, retailers such as Lacoste have their hands tied, but they are doing what they can to help the community. Besides maintaining 100 percent of the salaries of its employees worldwide during March and April,&nbsp;it has reopened one factory to produce face masks. High-end retailers are surely better off to withstand the economic standstill in comparison to its lower-end counterparts.
And there&#39;s Peugeot SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pugoy#OTC">PUGOY</a>) which announced on April 2 it is postponing its annual shareholder meeting. Analysts believe that it might rethink the conditions of its merger with Fiat Chrysler (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fcau#OTC">FCAU</a>) due to the recession that is upon the economy.
Luxury watchmaker&nbsp;Rolex has shut down its plants, as has&nbsp;Omega, owned by Swatch Group AG (OTC:SWAGY), and Cartier, owned by Swiss Richemont Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cfruy#OTC">CFRUY</a>).&nbsp;The later two companies have both lost about a third of their value this year.&nbsp;
Swatch&#39;s Tissot brand unveiled its first smartwatch during a webcast in March, which the company is hoping can compete&nbsp;Apple Inc.&#39;s&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) Apple Watch.&nbsp;
Outlook: We&#39;re All Desperate To Return To Normal
As the crisis drags on, there will likely be many more closures and event cancellations we never could have imagined a few months ago. We may not even get a French Open, despite what organizers say.&nbsp;No one can be certain about anything these days. 
But at least the French&nbsp;have&nbsp;given us hope that the world will be back to normal again by fall. And if tennis Gods make that happen, sponsors and viewers will thank them.&nbsp;So just ignore what the songs about Paris say- it is perhaps even more beautiful in the fall, as long as it&#39;s coronavirus-free.
This article is not a press release and is contributed by Ivana Popovic who is a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full <a href="https://iamnewswire.com/disclaimer-disclosure/">disclosure</a>. Ivana Popovic does not hold any position in the mentioned companies. Press Releases &ndash; If you are looking for full Press release distribution contact: <a href="mailto:press@iamnewswire.com">press@iamnewswire.com</a> Contributors &ndash; IAM Newswire accepts pitches. If you&#39;re interested in becoming an IAM journalist contact: <a href="mailto:contributors@iamnewswire.com">contributors@iamnewswire.com</a>. Questions about this release can be sent to <a href="mailto:ivana@iamnewswire.com">ivana@iamnewswire.com</a>
The post <a href="https://iamnewswire.com/2020/04/03/roland-garros-is-giving-us-hope-shall-we-dare-to-dream/" rel="nofollow">Roland Garros Is Giving Us Hope &ndash; Shall We Dare to Dream?</a> appeared first on <a href="https://iamnewswire.com" rel="nofollow">IAM Newswire</a>.
Image:<a href="https://www.flickr.com/photos/149561324@N03/39937211254"> Marco Verch, flickr</a>

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