In a statement released late Thursday, Cartier said it is in the midst of a “transformation,” but it will be “hard to tell what will happen to the business and what the future will hold.”
“We are in a very difficult period,” the statement read.
“We are facing a challenge in attracting new business to our brand, the business has to evolve in order to survive and grow in the future.
It’s the toughest moment in the company’s history.”
It’s not clear how the new business model will work, or if there will be any changes to its current production lines.
The company is currently based in Paris, but it plans to open an international office in New York by the end of 2018.
“The world is changing, and we are living in a new era,” said co-founder and CEO Pierre-Yves Gendreau.
“So, we need to adapt our brand in order not to lose the trust of customers.”
Gendreau added that the company is working to attract more younger consumers to Cartier and will continue to invest in new products and brands to support the shift.