Geneva-based company took action to avoid its designer timepieces being sold at knockdown prices

The Swiss watchmaker Richemont has destroyed nearly €500m (£437m) of its designer timepieces over the past two years to avoid them being sold at knockdown prices.

The Geneva-based luxury goods group behind Cartier and Montblanc said it bought back €203m of unsold watches last year. That was on top of the €278m of Cartier watches, which start at £1,000 but can cost more than £20,000, it reclaimed from jewellers in 2017.

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Read More Richemont destroys nearly €500m of watches in two years amid buyback policy

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