Richemont destroys nearly €500m of watches in two years amid buyback policy
Geneva-based company took action to avoid its designer timepieces being sold at knockdown prices
The Swiss watchmaker Richemont has destroyed nearly €500m (£437m) of its designer timepieces over the past two years to avoid them being sold at knockdown prices.
The Geneva-based luxury goods group behind Cartier and Montblanc said it bought back €203m of unsold watches last year. That was on top of the €278m of Cartier watches, which start at £1,000 but can cost more than £20,000, it reclaimed from jewellers in 2017.Continue reading...