Cartier to increase prices by 5% in the eurozone

[GENEVA] Richemont's flagship brand Cartier will increase prices for watches and jewellery by 5 per cent in the eurozone following the recent surge in the Swiss franc triggered by the Swiss National Bank's decision to scrap its cap on the franc.

"We are going to raise prices by 5 per cent in the eurozone. 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 a watch fair in Geneva on Tuesday.

Richemont's watch and jewellery brands will hike prices by 5-7 per cent, a source told Reuters at the fair.

REUTERS