Richemont, the esteemed parent company of the illustrious Cartier brand, has once again captured the spotlight with a remarkable 10% surge in fiscal third-quarter sales, despite facing significant challenges in the Chinese market. The luxury group recently reported sales figures reaching a staggering 6.2 billion euros ($6.38 billion), a historic high for the company during
Wealth
In the ever-evolving landscape of wealth management and luxury services, J.P. Morgan Private Bank has carved a niche by offering bespoke recommendations to its affluent clientele. This year, the bank has unveiled its “NextList2025,” a meticulously curated selection of books and experiences designed to resonate with the sophisticated tastes and aspirations of its wealthy clients.
As the world of wealth management evolves, family offices have become a significant player in the financial landscape. These entities, designed to manage the assets of ultra-high-net-worth families, have seen exponential growth in recent years. According to a Deloitte report, the number of family offices surged from approximately 6,000 in 2019 to over 8,000 today,
In the competitive landscape of global finance, Britain’s non-domiciled (non-dom) tax status is facing significant scrutiny amidst calls for reform. Non-doms are individuals residing in the UK but maintaining a domicile outside its borders, allowing them to avoid UK taxes on overseas income. This colonial-era tax provision has cultivated a community of wealthy individuals, contributing
As global wealth dynamics shift, women are increasingly stepping into roles not previously dominated by their gender, particularly among high-net-worth individuals. A recent analysis of billionaires highlights this transformation, revealing that approximately 13% of the world’s billionaires, or 431 individuals, are women. While this figure may seem modest, it signifies a gradual but undeniable ascent
In a remarkable and peculiar event, cryptocurrency investor Justin Sun secured a whimsical artwork—a banana duct-taped to a wall—for a staggering $6.2 million at a Sotheby’s auction. The piece, entitled “Comedian,” was created by Italian artist Maurizio Cattelan, whose unique blend of humor and critique often challenges conventional art narratives. This audacious purchase has become
As the global art market grapples with shifting consumer preferences and economic pressures, indicators suggest that the industry is on track for a second consecutive year of decline. Recent findings from the Art Basel and UBS Survey of Global Collecting reveal a stark decrease in auction sales, which plummeted 26% in the first half of
In recent years, family offices — private investment firms representing the interests of affluent families — have emerged as significant players in the world of startup investments. This shift signifies a broader transformation within high-net-worth individuals and families, who are moving towards direct investments in private ventures rather than relying solely on traditional investment funds.
Burberry, the iconic British luxury fashion house, finds itself at a crucial crossroads as it embarks on a strategic rebranding effort dubbed “Burberry Forward.” With declining sales overshadowing the brand’s reputation, Burberry is pivoting back to its roots in heritage designs and signature products, aiming to reclaim its position in the competitive luxury sector. This
The luxury goods industry, once a symbol of resilience through financial upheavals, is now facing unprecedented challenges. According to the latest report from Bain & Company, the sector is expected to experience its first significant slowdown since the Global Financial Crisis. This downturn, which has emerged amid macroeconomic uncertainties and a marked deceleration in the