Last results refers. "expansion and integration of manufacturing facilities". What most people don't know is that just like the motor industry, key suppliers provide luxury goods makers with "building blocks/parts" - they don't make your watch - they assemble it. So even though you thought that these top watch brands have in house manufacturing the truth is that the majority of them outsource to about one of 4 major parts producers. It doesn't pay you to build your own movements - even if you have a name like Jaeger le Coultre. This company is going to focus on driving down its input costs. It is also going to ensure supply - and that means selling to other brands - and is not going to open a maison branch in Boksburg -but almost certainly in Nairobi and Lagos airports( if not there already) ....Same appoies to the jewellery and that is 75% of their business with the watche.s They could dump Dunhill though and Lauren!! The rest - great !!
