Business Report:
Luxury goods group Richemont opened nine more franchises last year. The world’s largest producer of luxury products, with brands such as Cartier, Jaeger LeCoultre and Montblanc, also opened 20 more company-owned retail outlets.
The move, which brings the company’s total of franchises to 582 and stores to 817, came as it cut sale agreements with third-party retailers in an effort to gain better control over the sale of its goods, a spokesman said last week.
Franchise works well in retail, whether the product is a high-end watch or a basic burger. It works in any operation where a formula can be replicated easily. As with Richemont — which has seven franchised stores in SA and one company-owned store — many companies have a mix. Read more.
