Geneva, Switzerland

The sector is facing double-digit sales declines and a crisis of relevance. ‘A watch has become a cultural object of sophistication… but culture has to constantly reinvent, otherwise it can disappear,’ said former Cartier boss Cyrille Vigneron.

Patrick Pruniaux, CEO of Swiss watch brands Ulysse Nardin and Girard Perregaux, said the economic fallout of Covid-19 will have a knock-on effect on the industry over the next several years.

The Cartier-owner's sales fell 47 percent to €1.99 billion ($2.27 billion), a similar decline posted by rival Swatch Group earlier this week.

Successful modern luxury brands deploy a number of powerful strategies to achieve the perception of exclusivity while moving millions of units. Here’s how it works.

The Swiss luxury-goods maker’s employees are reportedly frustrated about increases in senior executive compensation when most directors got pay cuts.

From Bottega Veneta’s aesthetic reinvention to Burberry’s attempts to move upmarket, there are several different genres of brand turnaround strategies, with significantly different probabilities of success.

Companies should reduce their cost perimeters, keeping as many of their personnel and key assets as possible, while stopping virtually all manufacturing and sourcing, argues Luca Solca.

Social media, Chinese nationalism and a culture war in the US have ratcheted up the risk of costly cultural missteps like those made by Dolce & Gabbana, Gucci, Prada and others. Luca Solca examines what fashion brands should — and should not — do.