Latest news with #AutoShanghai
TimesLIVE
3 days ago
- Automotive
- TimesLIVE
Mercedes Vision V is an ultra-luxury van for the well heeled
The next-generation V-Class will have a flagship chauffeur-driven VLS model that redefines luxurious people carriers, says Mercedes-Benz. The opulent four-seat grand limousine is essentially an S-Class van and is due to be launched in 2026. An electrically powered concept version called the Vision V has started a global tour after its world premiere at last month's Auto Shanghai show in China, with its first stopover in Dubai this week. Regular versions of the next V-Class will carry a VLE badge and carry up to eight people, acting as leisure vehicles for families or exclusive VIP shuttles. But the four-seater VLS will take it to the next level with top-shelf exclusivity and an unprecedented immersive, digital experience for one percenters. The Vision V concept car has a luxurious 'private lounge' rear cabin decked out like the first class section of an aircraft. The two-seater rear lounge has a huge 65' cinema screen that can be extended and retracted from the floor, operated via a touchpad in the centre console. The ultra-sized cinema screen with 4K resolution combines with a 42-speaker surround-sound system with Dolby Atmos along with seven projectors in the headliner and floor to transform the interior into a unique immersive space. Passengers can choose seven different worlds of experience: Entertainment; Relax; Gaming; Work; Shopping; Discovery; and Karaoke. An intelligent, switchable glass wall separates the private lounge from the driver's area. The glass can be changed from transparent to opaque, either completely or in sections. 'The Vision V is a luxurious and elegant chauffeur-driven limousine that allows one to pamper themselves in a whole new world of comfort,' says a Mercedes Vans spokesperson. 'Analogue craftsmanship merges with an immersive user experience to create a holistic experience with a cocooning effect.' Aided by illuminated and retractable running boards, passengers enter the luxurious rear sanctum through a large side door that automatically slides open. The rear seating area is exceptionally spacious, with décor that blends elegance with technology. Traditionally crafted materials blend with hyper-modern, tech-savvy design elements. Crystal white Nappa leather and shimmering white silk contrast with large decorative elements made of open-pore burr wood. Display cabinets are set into the dark wood trim along the side walls and ambient lighting creates an individualised and cosy living-room atmosphere. The centre console between the two individual seats is a display cabinet. It has a touchpad for operating the infotainment system as well as a fold-out table imprinted with a high-quality chessboard. The futuristically designed seats can recline into beds, and a fragrance dispenser is housed in an elegant, polished aluminium bottle behind the centre console. The Vision V's design features an illuminated Mercedes star on the bonnet and chrome radiator grille with illuminated glass louvres. The headlights have the three-pointed Mercedes star. When the passengers approach the Vision V, they are greeted by a dynamic and artistic light show in all the louvres. The 24' wheels feature illuminated louvres and the large rear window is framed by a light band that serves as a tail light and brake light. It is not known which of these dazzling exterior features will make it into the production model. Mercedes hasn't provided details on powertrains and specifications, but petrol and electric options are expected to be carried over to the next generation.
Mid East Info
3 days ago
- Automotive
- Mid East Info
AW Rostamani Group Signs Exclusive Distribution Agreement for the UAE with JMMC - Middle East Business News and Information
Landmark agreement signed at Auto Shanghai 2025 AWR Group has secured exclusive distribution rights in the UAE for its current and future product lines. Bookings are open now Dubai, United Arab Emirates;May 2025 : AW Rostamani (AWR) Group, one of the UAE's leading family business groups, has signed an exclusive distribution agreement for the UAE with JMIE (Jiangxi Jiangling Motors Import and Export Co., Ltd.) for the JMMC brand (JMCG Jingma Motor Co.,Ltd), part of the JMCG (Jiangling Motors Corporation Group) in China. The agreement was signed by Khalid Al Rostamani, Chairman and Group CEO, and Tom Fux, CEO, AWR Automotive, with HU Yong, General Manager, MEA from JMMC. JMMC, specialising in both ICE (internal combustion engine) and EV (electric vehicle) light commercial vehicles such as vans, buses, and specialised vehicles, has granted AWR Group exclusive distribution rights in the UAE for its current and future product lines. AWR Group will leverage its expansive facilities for storage and after-sales services, with an initial focus on the 7.2 metre bus market, followed by plans to introduce 5.5 metre gasoline and EV vans, and EV buses. Khalid Al Rostamani, Chairman and Group CEO, AW Rostamani Group said, 'This partnership reflects our commitment to diversifying our automotive portfolio while meeting the evolving needs of the UAE market. JMMC's proven track record in commercial vehicles, combined with their competitive pricing structure, presents an exceptional opportunity to serve government entities, educational institutions, and corporate fleet operators across the Emirates.' JMMC's initial offering to the UAE market will comprise 7.2-metre buses, ideal for urban and long-distance transportation needs. AWR Group's pricing strategy positions JMMC as a game-changer in the market. With a significant price advantage over current market alternatives, JMMC offers a compelling value proposition for fleet operators looking to optimise their transportation investments, combining competitive pricing with proven Japanese engine technology. JMCG, the parent company of JMMC, brings impressive credentials to this partnership. As the only commercial vehicle company in China with joint ventures with two Fortune Global 500 companies – Isuzu and Ford – JMCG combines international expertise with local market understanding. The company sold 398,000 vehicles last year. Notably, JMMC leads China's electric mid-size bus market. With products already exported to more than 20 countries and regions, JMMC has demonstrated its ability to adapt to diverse market requirements while maintaining consistent quality standards. Bookings are now open for 7.2M bus model with deliveries beginning in July, 2025. About AWR Group: AW Rostamani Group is a multi-sector, multi-market group and one of the most progressive companies in the Middle East. With a legacy spanning over seven decades, AWR Group employs 3,000 individuals, serving a diverse customer base of over 155,000 individuals and 24,000 businesses. Its core verticals include automotive, real estate, logistics, lifestyle, lighting solutions, travel, agritech, and sustainable packaging. More than just serving the present, AWR Group embraces generation next. It builds purposeful businesses to enrich the lives of every generation, striving to make a meaningful and enduring impact on business, people, and the world. Built on a bedrock of strong founding values, AWR Group continues to evolve with the times and ahead of them, at work for a planet that prospers. About JMMC: JMCG Jingma Motor Co., Ltd. (JMMC), has been recognized as one of the 'Top 10 Industrial Enterprises' by the National Transportation Enterprise Management Committee of China,was founded in 1958 and is dedicated to the R&D and manufacturing of 6- to 12-meter buses, as well as special-purpose vehicles, based on ISUZU technology and standards. JMMC operates two factories with a combined annual production capacity of over 6,000 units. In 2019, JMMC ranked 1st in the 6-meter bus segment and 2nd in the 7-meter bus segment in the Chinese market. JMMC's products have been exported to Southeast Asia, Central Asia, the Middle East, Africa, Latin America, Oceania, and other regions. These vehicles are designed to perform reliably in diverse environments such as tropical climate, mountainous terrain, snowy regions, coastal areas, and plateaus.
WIRED
5 days ago
- Automotive
- WIRED
Auto Shanghai 2025 Wasn't Just a Car Show. It Was a Warning to the West
After poaching some of the best Western auto talent, China's car industry is about to dominate globally with charging rates, ranges, luxury design, technology, and sheer volumes. It has long been said that visiting China from the West is akin to landing in a parallel universe. Pick any major city and most aspects look and feel broadly familiar, yet the fundamentals are different. You can't hail an Uber or use Google Maps to get around, and your hotel TV won't have Netflix. Instead, there's always a domestic alternative. One that is likely newer, bigger, quicker, and perhaps even better than what you're used to back home. And so to the Chinese car industry, whose latest opportunity to scare the living daylights out of Europe and the US came at the Auto Shanghai motor show. Held at the world's second-largest exhibition space, the show saw more than 1,400 cars from 26 countries spread across 13 halls. Some 93 vehicles made their world debut in front of 1 million attendees. YouTubers would later upload whole-show walk-throughs with run times longer than Interstellar . How many world debuts do you suppose took place at the 2024 Geneva International Motor Show? About a dozen. No wonder it was canceled for 2025. In Shanghai, BYD-owned Denza showed off its electric Porsche 911 rival. Photograph: Getty Images To Western eyes, photos of Auto Shanghai are akin to asking ChatGPT to recreate the glory days of motor shows past. Anyone who strolled the cavernous convention halls of Paris, Frankfurt, Geneva, Detroit, even Birmingham, and gawped at the new and the exciting will recognize the scene. There's lots of shiny metal and carbon, formed into cars of every conceivable size, shape and social status. But the badges are unfamiliar, model names nonsensical; prices implausibly low, performance claims from another planet. Admittedly, some cars are dressed in fur like children's toys, complete with bunny ears and tail, but perhaps that's just the AI hallucinating. This still largely looks like the sort of auto show Europe and the US hosted every few months in a prepandemic world. Names like Jetour, Denza, iCar, Changan, Hongqi and Luxeed won't ring many bells. Keep walking and you'll catch a reassuring glimpse of Audi, Lotus, Buick, and Volkswagen, but the spark of familiarity they bring is quickly extinguished by a stark realization: They are no longer in Shanghai to show the fledgling locals how it's done, as beacons of a Western industry riding high on a century of success. They're surrounded by younger, fitter, and keener rivals with a hunger to put a ding in the universe. And there's about to be a feeding frenzy. Award Winners and Oddballs Highlights of this year's Shanghai show included the Jetour G900, a range-extended electric SUV with two rear-mounted turbines for use as a boat; an electric Porsche 911 rival from BYD-owned Denza; the award-winning Xpeng M03 Mona; and the Maextro S800, a Maybach-rivaling luxury sedan from Huawei. Yes, that Huawei. The telecom company oversees the Harmony Intelligent Mobility Alliance (HIMA), which includes car brands like AITO, Stelato, and SAIC, itself another auto group that includes Roewe, Rising Auto, Wuling, and former British sports car maker MG, among others. The R7 from Luxeed, one of the younger, keener rivals putting a ding in the Western auto industry universe. Photograph: Getty Images There was also Luxeed, a brand related to both Huawei and Chery, the latter of which sold over 2.5 million cars in 2024 and is the parent of Jaecoo, Omoda, Lepas and iCar. Those names might not be familiar to you yet, but they soon will be. Many will land on your radar because of their low prices. Dig a little deeper and you'll find that the Jaecoo 7, a well-priced hybrid SUV, is already selling over 700 units a month in the UK. A nose-diving Tesla registered just 536 cars there in April. Auto Shanghai had plenty of oddballs too. Ora followed up on its Funky Cat with the Ballet Cat, which curiously borrows much of its styling from the original VW Beetle. Songsan filled its stand with cars inspired by late-'50s Americana, including a seven-door take on the VW Microbus and a proportionally challenged revival of a first-generation Corvette. A handful of cars appeared to be inexplicably dressed as cuddly toys, one sharing its stand with a giant comb. Another, the Baojun Yep, had a massive ice cream cone dunked on its roof for reasons unclear. The Baojun Yep had a massive ice cream cone dunked on its roof in Shanghai for reasons still unclear. Photograph:320 Miles in 5 Minutes Such fever dreams won't give Western brands sleepless nights, but the EV technology coming out of China in 2025 certainly will. BYD used the Shanghai show to reveal a charging system powerful enough to deliver 259 miles of range in five minutes, at a peak speed of 1,000 kW—10 times the charge rate of a Mini Cooper. Soon after, domestic rival CATL went one better with its 1,300 kW of charging power, enough to deliver 323 miles of range in five minutes. For context, Europe's fastest-charging EVs, like the Porsche Taycan, fill their batteries at a mere 320 kW. As well as dazzling tech, Chinese automakers are also majoring on small, low-price cars that appeal to Europe, the UK, and even emerging markets. Perfectly decent EVs—on paper, at least—are soon expected to land below the €20,000 ($22,700) barrier. Established marques like Volkswagen, Fiat, and Renault should soon be there too. But with models like the VW ID.1 not due in showrooms until 2027, cut-price alternatives from China's Leapmotor, Lepas, and Firefly could quickly sweep up all the drivers wondering whatever happened to the Ford Fiesta and Volkswagen Up. Things Sure Have Changed It wasn't always this way. Oh, how we once laughed when each year brought a Chinese motor show filled with poor imitations of European bestsellers. Rewind a decade—just a single generation in car years—and the cream of Europe's prestigious brands would reveal world-beating hypercars in the convention halls of Geneva and Paris, while China's auto shows were, to the West, a laughing stock. Glitzy as they may have been, the show floors of Beijing and Shanghai in the mid-2010s featured flagrant knockoffs of British and European cars. Brands like Changan, BYD, Zotye, and Hongqi revealed vehicles unashamedly aping the latest designs of Mercedes, Ford, Land Rover, McLaren, and Porsche. One of the hits of this year's Shanghai show was the Jetour G900, a range-extended electric SUV with two rear-mounted turbines for use as a boat. Yes, a boat. Photograph: Getty Images The most infamous of all the copycats was the Landwind X7, which looked so similar to the Range Rover Evoque that, after four years of legal battles, a Chinese court ruled in favor of JLR, demanding the car be taken off sale and the British company awarded compensation. Six years on, and with JLR absent from Shanghai 2025, China no longer feels the need to copy the West. Instead, it is the US and Europe being forced to play catch-up. Audi hit the Caps Lock key and used Auto Shanghai to reveal the first car of its China-only sub-brand, called AUDI. Lowercase Audi said AUDI's new E5 Sportback 'offers the very best qualities of Audi, reimagined for and tailored to customers in China.' The German company claimed its engineering prowess is being blended with China's own digital ecosystems and innovations, and that the AUDI division, which drops the iconic four-ringed logo, marks the beginning of a new era for the company in the region, 'ensuring rapid response to the evolving demands of the Chinese market.' It will be interesting to see if this China-flavored AUDI Audi—reversing the trend of Chinese makers increasingly nailing the Western auto taste—is a success. Audi has hit the Caps Lock key and used Auto Shanghai to reveal the first car of its China-only sub-brand, called 'AUDI', the E5 Sportback. Courtesy of Audi Some Western brands might need a rapid-response unit of their own, since not only are their sales falling in China, but the popularity of Chinese upstarts elsewhere is surging. BYD expects to double its overseas sales in a single year, rising from 417,000 vehicles in 2024 to over 800,000 in 2025. With US sales on ice, an increasingly brand-agnostic UK is poised to become a key battleground for BYD, along with Latin America and Southeast Asia. Elon Musk's biggest headache has also found success in Australia, where BYD sales hit 40,000 units in 2024 (matching those of a Tesla rapidly heading in the opposite direction), and are on track to double in 2025. Where Tesla has failed to expand its two-vehicle lineup, BYD has grown from one model in Australia in 2022, to six just three years later. China's Smart Western Hiring Spree It's easy to credit Beijing's massive investment in China's nascent auto sector as a prime contributor to its success. But China's closing of the gap to, and in many cases overtaking, US and European carmakers isn't due to cash and copying alone. Just as the Japanese and Korean brands did before them, the Chinese have hired smartly. Luxury sedan maker Hongqi took on Rolls-Royce design head Giles Taylor as its own global vice president of design in 2018. Similarly, Bentley design chief Stefam Sielaff headed to Geely in 2021, while 2024 saw Jozef Kaban—whose pencil gave us the era-defining Bugatti Veyron—swap Audi for MG, a part of Chinese giant SAIC. Stellantis UK managing director Maria Grazia Davino moved to BYD that same year, and JuanMa Lopez, who spent a decade as head of exterior design at Ferrari, moved to Xpeng. The Chery iCar C23 is a small off-road EV priced at the equivalent of $13,000—and hits the UK in 2026. Photograph:Back to Shanghai, and the hits kept on coming. The Nio ET7 promised 620 miles of range from a battery bigger than that of a Rolls-Royce Spectre. The Huawei AITO M9 SUV has a projector screen for entertaining passengers in the second and third rows. The Chery iCar C23, a small electric off-road with the approach and departure angles of a mountain goat, is priced at the equivalent of $13,000 (and is coming to the UK in 2026, to the delight of Suzuki Jimny fans). Headed to the Australian market for under $30,000, the Deepal E07 gave the Tesla Cybertruck a lesson in practicality, with the ability to transform its cargo area from the interior of an SUV to the open bed of a truck. Riding the Wave And it wasn't just a show for EVs. Gas-powered cars shared the floor with all manner of hybrids, range-extended EVs that use engines as generators, and even old-school, stick-shift trucks with turbo-diesel engines ready to conquer emerging markets with rock-bottom prices. At the other end of the market, Hongqi showed off vehicles with the thick carpets, dashboard artwork, and limitless customization normally reserved for Rolls-Royce. Its Guoyue luxury minibus even riffs on Rolls' headliner filled with twinkling LED stars. Songsan filled its Shanghai stand with cars inspired by late-'50s Americana. Photograph:But focusing on what China's still bunging into the photocopier misses the point. Here is an auto industry that—after substantial government support, it must be reiterated—is booming like no other. And, most worryingly of all, it's an industry no longer content with serving its own enormous market. Chinese brands are already making serious inroads across Australia and Europe. In May, it was reported that, for the first time, BYD sold more cars on the continent than Tesla in the previous month. BYD only entered Europe in 2020, and it waited two years before even expanding beyond Norway and the Netherlands. Tesla's growth at the start of this decade was equally staggering, but from the US there has been no follow-up act. Faraday Future was a failure, Slate Auto is fun but niche. Cash-hemorrhaging Lucid and Rivian are yet to touch foreign shores, and meanwhile behind BYD the tide has just gone out, and a tsunami is about to hit.
AsiaOne
19-05-2025
- Automotive
- AsiaOne
Furry capabara EVs, self-driving mini bar, and more - here are the wackiest cars we saw at Auto Shanghai 2025, Lifestyle News
The Shanghai International Automobile Industry Exhibition, or Auto Shanghai, is one of the biggest motor shows in the world. Spanning over 360,000 square metres across eight massive halls of the National Exhibition and Convention Centre in downtown Shanghai, the show features over 1,000 exhibitors covering every aspect of the automotive industry. Given the scale of the exhibition, it's natural to expect plenty of new cars at the show. But aside from the latest new launches, China's motor shows are also known for their bevy of weird and unique cars that are meant to grab attention and stand out from the hundreds of models on display. AsiaOne was invited to this year's Auto Shanghai, which took place from April 23 to May 2, by Omoda and Jaecoo, sub-brands from Chinese automaker Chery, and we took the chance to check out some of the wackiest and funkiest cars we saw at the show. Chery Land and Air Vehicle Prototype Now that Chinese carmakers have more or less conquered the electric vehicle (EV) landscape, the next step in their evolution appears to be flying cars. Chery showcased their Land and Air Vehicle prototype at the show, and it's really more like a mini helicopter with wheels. Apparently it uses sophisticated software that can enable it to be operated autonomously with minimal operator input, and the concept is supposed to be envisioned as a solution for short distance commuting in highly built-up urban areas. What is more interesting is that Chery weren't the only ones who brought flying car concepts to the show, with other brands like Xpeng and GAC also displaying their own versions at Auto Shanghai. Chery iBar This tall and upright vehicle is the Chery iBar, and is apparently meant to be a self-driving minibus for ferrying people around urban areas. Details were a bit short on this concept, but a quick peek into its interior revealed perhaps the inspiration for its name, for it looks like a really comfortable lounge, and has an actual drinks bar inside. Imagine hopping into one of these on a night out. iCar V23 iCar is another sub-brand from Chery that specialises in youth-oriented cars, and the V23 is a small SUV that is meant to be a modern reinterpretation of an old-school military Jeep. The brand showcased a few versions of the V23 at Auto Shanghai, including a green and white one dubbed the Cyberspace Retro Edition. This version was decked out with throwback bits like chrome trim all around, while the roof-mounted spotlights and side ladder is meant to accentuate its rugged profile. The weirdest one though was a V23 displayed high up on a platform that looked to be wrapped in what looked like pink fur, even on the wheels. Bizarrely, it wasn't even the only pink fur-covered car at the show, as you'll see below. iM LS6 Furry Cat Here's the other furry pink car we spotted at the show, and apparently this iM LS6, which is supposedly a rival for the Tesla Model Y, is meant to resemble a cat, complete with ears on the roof and a tail emerging from the rear. We also love the cheeky taglines printed on the floor, iM what I am, and the Chinese one which translates to 'Drive a cat car, walk a catwalk'. It's all quite irreverent nonsense, but it's certainly enough to brighten up everyone's day. The LS6 is scheduled to be launched in Singapore later this year, but we don't think it will arrive in this form. Sorry cat lovers. Leapmotor C16 Tom and Jerry Edition Speaking of cats, here's one that's modelled after a particularly famous feline (and his rodent friend). Compared to the others, there's no fancy fur here, and the Leapmotor C16 Tom and Jerry Edition merely features a fancy paintjob on what is a fairly humdrum electric SUV. Still, the bright colours and eye-catching decals was enough to grab plenty of attention, especially from the younger attendees. Lynk & Co Z20 Capybara Edition The other animal that apparently seems to be all the rage right now in China is the capybara, and a few car companies attempted to capitalise on the trend by showcasing capybara-themed models. One of those is the Lynk & Co Z20 Capybara Edition, which was emblazoned with fiercely bright blue and orange graphics, and festooned with plush capybara soft toys on the outside and inside. Cute as it might be though, it was nothing compared to the… Wuling Hongguang Mini EV Capybara Edition Wuling decided to go all out, dressing up its hugely-popular Hongguang Mini EV into a full-blown fur covered capybara. We're not sure what is it with all the fur-covered cars at this year's Auto Shanghai, but one could imagine with hundreds of models being displayed at the show, carmakers would do anything to stand out. Certainly at least, this car would have gotten a lot of attention on social media, with plenty of gushing over its sheer adorableness. Wuling Starlight Game for Peace Edition Game for Peace is apparently a hugely popular mobile game in China, and Wuling collaborated with the game's developers to showcase a version of their Starlight sedan decked out in livery inspired by the game. The car itself is a pretty sleek but otherwise fairly ordinary sedan that's available in either full electric or plug-in hybrid form, and Wuling hopes that the tie-up with Game for Peace will broaden its appeal to a younger audience. It even brought in a couple of cosplayers to pose with the car, which certainly attracted quite a bit of attention from the crowd. Baojun Yep Ice Cream Car The Baojun Yep looks like a Jeep that has shrunk in the wash, and while on its own the car is already unbelievably adorable, Baojun decided to ramp up the cute factor even further by sticking an ice cream cone on the roof and have a giant teddy bear pose beside it. Cuteness overload that's for sure. Maxus Dana V1 Chagee Van But while the ice cream car is merely for show, there was an actual food van that was serving real treats, and the Maxus Dana V1 Chagee van even came complete with two giant bubble tea cups on the roof. Chinese van specialist Maxus collaborated with bubble tea brand Chagee to showcase the versatility of Dana V1, and visitors could actually redeem a drink from the van, subject to availability. We have more than a few diehard Chagee fans at AsiaOne, so one could imagine the reaction if this van showed up at our office one day. Pandemonium that's for sure. [[nid:716576]] No part of this article can be reproduced without permission from AsiaOne.
Yahoo
16-05-2025
- Automotive
- Yahoo
Johann Rupert Talks Gold, Geopolitics and Trump Tariffs as Richemont Jewelry Sales Surge in 2025
LONDON — Don't rip off your customers, build long-term value and never underestimate Chinese ingenuity was just some of the advice that Richemont founder and chairman Johann Rupert offered as the luxury giant unveiled a 4 percent uptick in full-year sales to 21.4 billion euros, powered by double-digit gains in jewelry. In addition to detailing the year's performance, where sales in Richemont's key watch division fell 13 percent due to lackluster demand in Asia-Pacific, Rupert offered his thoughts on U.S. President Donald Trump's tariff strategy, and the future of China, following the fiscal 2025 results presentation. More from WWD Richemont Jewelry Sales Surge at the End of a Difficult Year for Luxury Van Cleef & Arpels' 'Spring Is Blooming' Returns to Rockefeller Center Queen Camilla Goes Black and White in Anna Valentine Dress With Coordinated Hat for VE Day Thanksgiving Service 'China is going to come back, but when — I am not sure. The Chinese have been saving for a while, but I think they experienced a cultural shock during lockdown, and there are still scars, especially in some of the major cities. The people have a lot of savings, and it's only a matter of time before they feel relaxed enough to spend again,' said Rupert, as he touted the country's ingenuity — and manufacturing muscle. Rupert described the recent motor show, Auto Shanghai, as 'astonishing,' due to all of the locally made electric vehicles. Five years ago, China was importing most of its cars; now it's making them locally. 'When you see dramatic shifts like that, you know the power of China. It is unstoppable and will continue to grow,' said Rupert, adding that Richemont has been lucky so far because the Chinese haven't entered the luxury goods arena in a 'meaningful' way. 'We still have relevance as luxury goods manufacturers there, and a very high reputation that we built up over the years. I expect that when the consumers get a little bit more confident, things will return to normal,' he said. Despite that brand equity, China failed to deliver for Richemont in the fiscal year ended March 31. The Asia-Pacific region was down 13 percent, with a 23 percent decline in China, Hong Kong and Macao. Asia-Pacific now represents 33 percent of sales compared with 40 percent in the previous period. By contrast, the Americas saw a 16 percent uptick in full-year sales, and now represents 25 percent of Richemont's revenue. In fiscal 2025, sales came from all business channels and areas with growth accelerating in the second half. Looking ahead, Rupert said he's concerned about the potential impact of U.S. tariffs, but he also understands what Trump is trying to do. 'I believe the United States are using the tariffs in a transactional manner, and I do believe there are wise people in the Treasury of the United States who do not wish to have a total cessation of world trade,' he said. Rupert added: 'There are imbalances that need to be addressed. The United States cannot carry on blowing up its debt which stands at nearly $37 trillion, and so President Trump is doing things that need to be done to address the overall situation.' Richemont, which produces all of its watches and some of its jewelry in Switzerland, is holding its nerve on any substantial price increases until it sees where tariffs land. Rupert said he is loath to raise prices drastically — anywhere — for fear of damaging the relationship with the local customer. 'We were not greedy in the post-COVID boom period. And I think our resilient results today prove that we have not suffered the revenge of our clients. We will obviously monitor the various trade restrictions, but our goal is to continuously keep the value relationship for our clients,' Rupert said. Richemont raised prices slightly at Cartier and Van Cleef & Arpels earlier this year. Rupert said that if Richemont hikes them too much, it risks 'discriminating against' its loyal local clients. 'We have to be sensitive to the loyal local clients,' said Rupert, taking a swipe at his luxury competitors who have jacked up prices since lockdown lifted. 'When people double the prices of the handbags, there's a backlash,' from customers, he said, adding, 'We will not make sudden, rapid increases, although we will adjust prices,' to align with currency fluctuations and market movements. During the call Rupert said he's proud that Cartier and Van Cleef & Arpels jewels retain their value at auction, and urged his audience to make a visit to the Cartier exhibition at the Victoria & Albert Museum. 'If you walk through there, you really understand the power of Cartier. It's an emotional experience,' he said. Following the results announcement Luca Solca of Bernstein wrote that the 'appeal of Richemont's main jewery brands, Cartier and Van Cleef & Arpels, remains clear and untarnished by the aggressive post-pandemic price increases implemented by other luxury brands. This has allowed it to deliver another quarter of growth significantly above the industry average.' Richemont's jewelry sales grew 11 percent in the fourth quarter, compared with 9 percent consensus estimates and 8 percent growth in the full fiscal year. In the year, all regions grew in the double-digits with the exception of Asia-Pacific. Richemont said that direct-to-client transactions accounted for 84 percent of total jewelry sales. Retail-wise, there were major reopenings at Dubai Mall and South Coast Plaza for Cartier, a new boutique for Van Cleef & Arpels on Madison Avenue, and a new Buccellati flagship in Riyadh. Buccellati has outstripped expectations, said Rupert. The Italian brand, which Richemont purchased in 2019, became profitable three years earlier than projected thanks partly to a flourishing homeware offer. Rupert said Richemont has been working closely with the founding family, describing them as a 'fantastic asset' to the business. He also addressed the future of Yoox Net-a-porter under its new owner Mytheresa. In fiscal 2025 YNAP saw sales decline 13 percent, and Rupert is confident that it will return to health under the new owners. As reported, Mytheresa purchased 100 percent of YNAP from Richemont, which has now become a shareholder of the parent company, LuxExperience, holding a 33 percent stake. Richemont sold YNAP with a net cash position of 555 million euros, and no financial debt. Rupert said he still believes 'there's a business in online, but maybe it's got to be changed to a subscription model. But that's for them to run, and [Michael Kliger] is a very good CEO.' With overall sales of 21.4 billion euros in fiscal 2025, Richemont is now one of the largest buyers of gold in the world, and 'competing with governments to buy gold,' said Rupert. He added that overall sales performance in the full year accelerated in the second half, with a 10 percent rise in the third quarter followed by an 8 percent uptick in the fourth quarter. Richemont's 'other' division, which comprises the fashion brands, the Watchfinder business and the watch components group, saw sales climb 7 percent to 2.79 billion euros. Rupert said that Alaïa delivered strong growth, as did Peter Millar. Ready-to-wear sales rose in the double-digits, with 'an encouraging performance' from Chloé, he added. Full-year operating profit fell 7 percent to 4.47 billion euros, dragged down by the specialist watch brands, while profit from continuing operations fell 1 percent to 3.76 billiion euros. Richemont posted a loss of 1.01 billion euros from discontinued operations due to Yoox Net-a-porter. Richemont shares closed up 7 percent at 165.7 Swiss francs on Friday. Best of WWD The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make Confidence Holds Up, But How Much Can Consumers Take?
