Cartier confirms 5% price hike in eurozone

Cartier has revealed that it will increase prices in the eurozone by around 5% in order to offset some of the effect of the Swiss franc spiking last week.

The Swiss National Bank removed a long-standing ceiling of 1.2 francs to the euro on Thursday, and the currency soared in value by over 30% at one point before setting at around parity between the two currencies.

Price adjustments for British shoppers in pounds were not announced, but the franc appreciated by a similar percentage following the removal of the euro peg last week, which suggests similar price hikes in this country.

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"We are going to raise prices by 5 percent in the euro zone. This applies to both jewellery and watches, but we are keeping prices in Switzerland stable," chief executive Stanislas de Quercize told Reuters in an interview at SIHH in Geneva.

All other Richemont watch and jewellery brands are likely to announce similar price rises, a source told Reuters at the fair.

Other watch brands are considering their options this week.

Audemars Piguet CEO Francois-Henry Bennahmias told reporters : “We cannot make a decision overnight obviously, we have to wait and see what’s going to happen, but, yes, at one point, we’ll have to adjust prices, one way or the other, in Europe, obviously, prices will go up."

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