Swiss Watchmaker Destroys £400M of Luxury Watches to Keep Prices Inflated

Richemont, the Swiss luxury company that owns Cartier and Montblanc, destroyed £400M of their own watches to prevent them from ending up on ‘non-riche’ wrists in past few years. After shifting habits and new competitors caused a slump in the timekeeping market, the well-to-do watchmakers […]