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G'ed · 27 May 2018, 12:25 AM

It is not ‘breaking news’ to say that the watch industry faced hard times in 2015 and 2016. Business had been tough due to decreasing sales. The Richemont Group – the luxury powerhouse that owns Cartier, IWC, and Montblanc among others – had also been affected by this situation, as reported by MONOCHROME here. Part of Richemont’s plan to improve the situation was a massive buyback strategy designed to reduce stock at retailers and enable them to invest in new collections. What was not known, until recently, was the total value of watches bought back by the group… According to The Guardian, we’re talking about approximately half a billion Euro/Dollar.

This disgust me so bad I wont even touch any of the brands under their wing... VC is going down the drain

ajas · 27 May 2018, 12:34 AM

Business decision. Same as shares buyback practiced by other companies.

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fskywalker · 27 May 2018, 04:32 AM

Quote:

Originally Posted by ajas

Business decision. Same as shares buyback practiced by other companies.

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Yes but not destroying watches!

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DLRIDES · 27 May 2018, 05:31 AM

https://www.rolexforums.com/showthread.php?t=606684

kunlun · 27 May 2018, 05:50 AM

Not destroyed as much as bought back and disassembled for parts.

Justindo · 27 May 2018, 03:06 PM

I have a very hard time believing they bought back and "destroyed" anything from Lange, VC, Roger Dubuis, JLC, IWC, Piaget, and Cartier, as they don't make very many watches, except for Cartier and I think the latter sells well. I'm guessing these are mostly from the lesser brands in their portfolios like B&M, etc.

ajas · 27 May 2018, 09:30 PM

Quote:

Originally Posted by kunlun

Not destroyed as much as bought back and disassembled for parts.

Exactly. Serial numbers gone. Parts remained.

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1William · 27 May 2018, 09:34 PM

I would believe the watches were not destroyed. Brought back and used for movements, parts and I would think some will show back up at some point.

27 May 2018, 12:25 AM	#1
G'ed "TRF" Member Join Date: May 2015 Location: RolexHQ boardroom Posts: 1,232	Richemont destroyed half billion dollars worth of watches It is not ‘breaking news’ to say that the watch industry faced hard times in 2015 and 2016. Business had been tough due to decreasing sales. The Richemont Group – the luxury powerhouse that owns Cartier, IWC, and Montblanc among others – had also been affected by this situation, as reported by MONOCHROME here. Part of Richemont’s plan to improve the situation was a massive buyback strategy designed to reduce stock at retailers and enable them to invest in new collections. What was not known, until recently, was the total value of watches bought back by the group… According to The Guardian, we’re talking about approximately half a billion Euro/Dollar. This disgust me so bad I wont even touch any of the brands under their wing... VC is going down the drain

27 May 2018, 05:31 AM	#4
DLRIDES 2024 ROLEX DATEJUST41 Pledge Member Join Date: Jan 2017 Real Name: Don Location: NC/WY Watch: Me Posts: 4,597	https://www.rolexforums.com/showthread.php?t=606684 __________________ ”When citizens learn to vote themselves the treasury, they limit prosperity.”

27 May 2018, 12:34 AM	#2
ajas "TRF" Member Join Date: Nov 2013 Real Name: Will Location: Kuala Lumpur Watch: SubC, Pam, Speede Posts: 3,140	Business decision. Same as shares buyback practiced by other companies. Sent from my SM-N935F using Tapatalk

27 May 2018, 05:50 AM	#5
kunlun "TRF" Member Join Date: Mar 2015 Location: USA Posts: 1,896	Not destroyed as much as bought back and disassembled for parts.

27 May 2018, 03:06 PM	#6
Justindo "TRF" Member Join Date: Dec 2017 Location: California Posts: 2,176	I have a very hard time believing they bought back and "destroyed" anything from Lange, VC, Roger Dubuis, JLC, IWC, Piaget, and Cartier, as they don't make very many watches, except for Cartier and I think the latter sells well. I'm guessing these are mostly from the lesser brands in their portfolios like B&M, etc.

27 May 2018, 09:34 PM	#8
1William 2024 ROLEX DATEJUST41 Pledge Member Join Date: Nov 2010 Location: North Carolina Watch: Rolex/Others Posts: 44,731	I would believe the watches were not destroyed. Brought back and used for movements, parts and I would think some will show back up at some point.

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