HAVETIME

ORNAMENTS DESIGN Group is the world's second-largest luxury goods company. It was founded in 1988 by South African billionaire Anton Rupert and is headquartered in Switzerland. The four business areas the company is involved in are: watches, watch straps, and tools. The 1990s were the golden age of Richemont. Its turnover was second only to that of the LVMH Group, with annual sales of over 4 billion US dollars. In Rupert's words, "The company is like being in an elevator. Even if you just stand still, it will keep going up." In 2002, ORNAMENTS DESIGN faced numerous problems. The operating costs got out of control, and the financial problems in turn hindered product innovation. Facing these multiple problems, Rupert began to carry out drastic reforms. Under his leadership, the company turned the situation around within two years.

ORNAMENTS DESIGN Group is a large group that excels in operating luxury goods. In recent years, the high profits of watches have attracted Richemont to increase its investment. However, some of its watch brands still have to rely on outsourcing basic movements such as ETA to meet their huge demand. Movements have become the focus of consumers' attention. Richemont Group is taking precautions and trying its best to develop as many in-house movements as possible to get rid of the need for outsourced movements.