June 9: European Luxury Closes Higher, Watch Retail Lower; Signet Gains After Its Buyback, Gold Slips
European luxury closed higher and the watch retailers closed lower. Signet gained the day after its buyback, Ferrari held its premium, Chanel named a Cartier veteran to lead jewellery design, and gold slipped — ahead of five watch auctions this week.
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Luxury Equities — The Close (close / prior day)
- LVMH (MC.PA): EUR 492.30 / 482.45 (+2.0%)
- Kering (KER.PA): EUR 255.20 / 249.00 (+2.5%, strongest)
- Hermes (RMS.PA): EUR 1,665.50 / 1,643.50 (+1.3%)
- Richemont (CFR.SW): CHF 167.75 / 164.95 (+1.7%)
- The European luxury majors closed higher
The Tape Today
- Bloomberg: Wall Street rotated out of large technology stocks into firms tied to improving growth
- Oil fell; Treasuries held gains; gold slipped, near $4,280/oz (silver flat-to-up)
- Reuters poll: economists see the Federal Reserve holding rates this year, rate-cut expectations fading as war-driven inflation persists
Watch Retail
- Watches of Switzerland (WOSG.L): 694.0p / 710.0p (-2.3%, weakest on the board)
- Swatch (UHR.SW): CHF 201.20 / 202.30 (-0.5%)
- Product launches — listed groups: Blancpain Fifty Fathoms Tech (Swatch Group); Hublot x Antikythera (LVMH)
- Product launches — independents: Chronoswiss Delphis Glacier, Yema Granvelle, Favre Leuba Deep Raider, DUG (Glashütte)
Signet — The Buyback
- Signet (SIG), parent of Kay, Zales, and Jared: USD 86.75 / 84.56 (+2.6%)
- Follows Monday's $50M accelerated share repurchase
Jewellery Leadership
- Chanel names Marie-Laure Cerede to lead jewellery design (Business of Fashion)
- Cerede previously led the studios of Cartier and Harry Winston, across jewellery and watchmaking
- Chanel is privately held; Cartier is owned by Richemont (CFR)
Ferrari
- Ferrari (RACE): USD 357.52 / 351.57 (+1.7%)
- Bonhams sells ~100 cars from the National Automobile Museum in Reno this Saturday
Auctions Ahead
- Sotheby's Magnificent Jewels — June 9, New York (today)
- Christie's Important Watches — June 10, New York
- Bonhams Watches — June 11, London
- Sotheby's The Gem Drop & Christie's Paris Hermes Handbag (online) — June 12
- Bonhams National Automobile Museum (Reno) & Phillips New York Watch Auction — June 13
- Sotheby's Important Watches — June 15 (five watch sales across four houses this week)
Disclosure: ALT/FNDATA provides data and analysis, not investment advice.
Also from ALT/FNDATA:
- Open Bid — Mon-Fri at 6 AM ET
- Art Market — Tuesdays at 8 AM ET
- Luxury Spending — Wednesdays at 8 AM ET
- Auto Market — Thursdays at 8 AM ET