视频：https://www.bilibili.com/video/BV1g64y1x7Ao
Richemont（历峰集团）/luxury: top brands strengthen their grip（控制、影响力） on big spenders（花钱大户）
tighten one's grip on sth.某人加强对某物的控制
Swiss group shows off sparkling（闪耀的） numbers amid a broad rebound（反弹） in high-end（高端的 low-end 低端的） jewellery sector
Swiss luxury group Richemont is showing off some sparkling numbers. Amid a broad rebound in the luxury sector, it more than doubled sales for the three months to June. The upswing（改进 ，上升） in demand for pricey labels（时尚公司） has also helped Burberry to report sales that are back at pre-pandemic levels. But Richemont’s leading position in jewellery should help it to continue making outsized（极大地） gains（增值）.
The sustainability of the luxury recovery nowlooks assured（必然的）. There were concerns that a short-term boost from consumers’ inability to splash their cash savings on experiences might reverse once economies reopen.
splash out on sth=splurge on sth 在某物上花大笔的钱
Yet（连词） the resilience demonstrated by mega-brands（超大品牌） such as Cartier and Van Cleef & Arpels has not flagged（疲乏 变弱）. Both are benefiting from along-term shift towards branded（品牌的） jewellery, particularly driven by Asian clientele（客户群）. Innovations such as Clash — an edgy（前卫的 时髦的）, modern and relatively affordable line unveiled（展示） by Cartier in 2019 — have proved popular with younger buyers.
There is room to grow market share（市场份额）. Branded jewellery accounts for little more than a quarter of the market at present, far less than other luxury sectors. It could rise to 40 per cent by 2030, says Citi（花旗）. Not that（倒不是说） Richemont will lack competition. Other fashion groups wish to move further into high-end branded jewellery. This was illustrated by rival Kering’s enthusiasm for a tie-up（联合）, which was firmly rejected by Richemont's chair Johann Rupert.
tie sth up 与。。联合
Accordingly, there is not much of a speculative（投机的） premium（溢价） in the share price. This has not stopped Richemont from out performing（表现比。。好） in the luxury sector this year, rising by 37 per cent. Even so, the shares — ona 2022 price-to-earnings（市盈率） ratio of 27 — trade at a 10 per cent discount to the sector.
That discount should close in time（=eventually）, but it will not disappear. Hard luxury（硬奢侈品） like jewellery is more cyclical（周期性的） than fashion or leather goods. Purchases of bigger-ticket items are more likely to be postponed in downturns（衰退期=downswing）. But the growth in branded jewellery is a secular（世俗的） trend. Richemont is exceptionally（极其 非常） well-placed to benefit.
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