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Bulgari Strength Fueling Jewelry’s Growing Dominance Over Watches at LVMH
Oct 29, 2015 4:29 AM
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RAPAPORT... The strength of the Bulgari brand against
the “repositioning” TAG Heuer label is largely responsible for the widening gap
between LVMH Moët Hennessy Louis Vuitton’s sales figures for jewelry and watches, according to a senior LVMH figure.
“Yes, the gap is widening a bit,” Chris
Hollis, the director of financial communications, said in the group’s
third-quarter results conference call October 13.
The group’s overall watches
and jewelry sales rose 22 percent
year-on-year to $2.7 billion for the first nine months, it announced in a
statement October 12. A document released on the company’s website October 13
highlighted its strong jewelry performance, especially in the Bulgari
brand.
“Although when you look at this gap,
it's a little bit artificial as you compare watches for Bulgari, which are benefiting from the
strengths of the brand, but also watches from TAG Heuer, which is in a sort of
repositioning phase.”
Jewelry sales at the luxury product retailer
have been outperforming watches “for a while,” Hollis said in the call.
“[Jewelry] is really [strong] throughout the
board and true with local customers and tourists. Then, when we talk jewelry,
we are mostly talking aboutBulgari.
So is it a category comment or a brand-specific comment? I leave you draw your
own conclusion.”
Meanwhile, LVMH has appointed Anish Melwani as
chairman and chief executive officer of LVMH Inc. from
January 4, responsible for the group’s activities in North America, LVMH said in
a statement October 27. Melwani is currently co-head of McKinsey & Company’s global strategy and
corporate finance practice, the statement said.
Pauline Brown will step down from her role as North
America chairman at the end of 2015 "to pursue other opportunities,"
the company confirmed in a separate statement October 27.
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Tags:
, Bulgari, Jewelry, LVMH Moët Hennessy Louis Vuitton, retail, Tag Heuer, watches
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