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Guest of honour at Dubai Watch Week, the non-executive president of LVMH's Watch division made a passionate appeal in support of Swiss watchmaking, an industry that "doesn't exist". Prior to this, Hublot had unveiled a special edition for the Emirates.
Fortune continues to smile on luxury companies in 2019, despite a volatile environment. Among them, Richemont is proving its "resilience" to geopolitical tensions.
At $120 per share or €14.5 billion, LVMH's offer for Tiffany was judged too low. Now the battle is on between luxury mastodons, which includes Richemont and Kering, to take control of the storied American jeweller.
With protesters more determined than ever after four months of unrest, Hong Kong is struggling to maintain its status as a world capital of luxury. Economic recession in the special administrative region spells bad news for watch brands as shipments to this main export market have fallen by 6% since the start of the year.
Brands have wised up to the benefits to be gained from associating their name with art venues and exhibitions; creative contexts whose audiences are also potential customers.
Luxury firms continue to perform well, as demonstrated by their first-half results. The situation is slightly more complex for watch brands, in particular in Hong Kong and China.
Swatch Group is struggling to convince investors. Its share price has been virtually flat since January, after losing 42% over the last seven months of 2018. Richemont, in comparison, is making headway. Meanwhile, French luxury groups are flying high.
Material luxury is good. Experiential luxury is even better. Studies show that this market segment is the biggest growth driver right now, prompting multi-million transactions.
