As the luxury industry reports back on its quarterly earnings, watchmakers appear to remain positive about their position with Chinese consumers and try new strategies to maintain their appeal.
…The Swiss group, which makes Cartier watches, dispelled fears that the global economic slowdown would hit the sector hard when it said Monday it expects earnings to rise by 20% to 40% in the six months to the end of September. Read the full Wall Street Journal article here.
Hong Kong’s luxury market, which has been on a multi-year tear as cash-toting mainland Chinese tourist-shoppers flocked to the duty-free shopper’s paradise, has shown signs of cooling this year as these same travelers have either cut back on discretionary spending or simply made luxury purchases further afield (or even at home). Read the full Jing Daily article here.
Swiss luxury watchmaker Hublot CEO Jean-Claude Biver says spending is Key, no innovation means no future. Read the full Live Trading News article here.
Louis Vuitton, known for its laminated canvas handbags, has opened its first standalone watch and jewelry store at a time Europeans are tightening their belts. Read the full Bloomberg article here.
Swatch Group AG (UHR.VX), the world’s biggest watch maker, Tuesday reported a strong rise in first-half profit and sales and said the rest of the year looks promising, despite a strong Swiss franc and weakening demand in the high-end segment in China. Read the full Fox Business article here.
A team of Hollywood guests including Nicholas Cage and Jessica Alba headed to the official gala opening of MontBlanc’s biggest ever concept store in Sanlitun, Beijing, last month and the space is certainly something to envy. Read the full WatchPro article here.
Luxury goods makers selling in China are taking a calculated gamble that consumers will shy away from the most ostentatious logos and displays of wealth. Read the full Wall Street Journal article here.
China’s economy, the world’s second- biggest, is yet to rebound according to one gauge: sales of the luxury watches that business people give to clients and officials to build commercial relationships. Read the full Bloomberg article here.