Forget $10,000 watches, there's money in $2,000 handbags

The $10,000 watches are a tough sell for Richemont these days, but shoppers are snapping up $2,000 Marcie handbags and ruffled blouses from the company’s fashion and leather label Chloe.

For the Geneva-based luxury giant, which has been struggling through the longest downturn on record for Swiss timepieces, the Parisian womenswear and accessories house has been a rare bright spot. The company is ramping up investment in a brand known for its bohemian style, including eight new stores set to open this year.

“The last two years we had strong growth at a time when hardly any luxury brands were growing,” Chloe