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Verbatim – Cartier intends tripling its presence in...
Economy

Verbatim – Cartier intends tripling its presence in China

Tuesday, 08 June 2010
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Christophe Roulet
Editor-in-chief, HH Journal

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That Cartier only experienced a “marginal decline” in 2009 is largely thanks to China. The Asia-Pacific zone (except Japan) was Richemont’s only growth region for the financial year to end March 2010. Needless to say, Cartier has already planned its expansion in the Middle Kingdom.

“Asia is a fabulous pipeline of growth for the luxury industry, particularly Hong Kong, Macau and China which are progressing at a spectacular rate. My opinion is that China will become the world’s biggest market for luxury long before the six or seven year timescale we usually hear. It’s a vast market with an important lever effect. This is a country with thirty cities of more than five million people. Furthermore, the Chinese are spending in their own country but they are also spending abroad. Some 75 million Chinese tourists are expected this year, and 100 million next year. One only need look at the crowds at retailers such as Galeries Lafayette in Paris to realise what a huge phenomenon this is. This explains why a brand such as Cartier has significantly increased the number of Chinese sales staff in its stores.” In a recent television interview on France 24, Bernard Fornas, President and CEO of Cartier International, part of the Richemont Group, made no secret of the important role China plays in the brand’s development strategy.

First opening in 1992

“Cartier first came to China in 1992, with a boutique in a hotel. At that time, the country still had to open up and this first attempt ended in failure. Nor was the second crowned with success as we had to close this point of sale too. Things truly began to take off in 2000. We found a local partner and moved into the country with the intention of expanding. Today, we have 32 stores in 22 cities. However, this isn’t even a third of what we are going to do. Cartier will grow strongly in China.”

A five-engine jet

This strategy hasn’t prevented the company from keeping its sights on international development, as the 300 Cartier stores worldwide show. “The mood these past months has been more optimistic but this doesn’t mean the crisis is now history. There are still many unresolved problems, hence the need to advance with caution. Look at the situation in Europe and the United States, where we can only expect gradual recovery. Fortunately we have the Middle East and Asia to fall back on. Cartier is like a five-engine jet that stays in the air even when two or three engines are sticking. This is why it’s essential that we maintain our presence in the five markets of Japan, Asia, the Americas, Europe and the Middle East.”

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