For certain brands, growth isn't about selling more but selling better. Audemars Piguet was first to put a limit on production, successfully so. Now Roger Dubuis and Panerai are following suit.
Articles on the subject: Economy
Bucherer's newly-opened Gallery in Geneva is entirely focused on pre-owned watches. As well as buying and selling, this lounge space will host events aimed at renewing the purchasing experience for a new generation of watch enthusiasts, through a concept Bucherer plans to roll out to other locations.
Greubel Forsey entrusted their timepieces to John Simonian as U.S. distributor and one of its retailer. Owner of the influential Westime boutique in Los Angeles, Simonian already had a lot of experience with high-end brands.
René Weber, a financial analyst with Vontobel, forecasts that growth in the Swiss watch industry's export markets will slow over the second half of 2010 and progress by 8% for the year overall.
On June 1st, new competition rules governing online sales of products and services were brought into effect by the European Commission. These give special status to luxury brands regarding sales of their products over the Internet, as IC-Agency explains.
Figures published by the Swiss watch industry's employer organisation, Convention Patronale de l'Industrie Horlogère Suisse, show that the sector shed 4,200 jobs in 2009 and now employs 49,100 people, the same as two years ago. As the organisation points out, fewer jobs have been lost than forecast and staff are more qualified than before.
The world's population of High Net Worth Individuals grew 17% in 2009 while their global wealth increased 19% to $39 trillion, according to the 2010 World Wealth Report. For the first time, HNWIs in Asia-Pacific, a prime destination for luxury goods, outnumber those in Europe.
Speaking at the Reuters Global Luxury Summit, held early June in Paris, Rolf Schnyder, CEO of Ulysse Nardin, announced that the brand had increased its prices in the euro zone to offset depreciation in the single currency. He expects sales to increase by 20% to 25% this year.