China’s Luxury Watch Boom

Jaeger-Lecoultre watch

Jaeger-Lecoultre Watch

Many of you may have heard of China’s economic boom but you may not have heard of China’s growing appetite for luxury watches. The world’s top watch makers are rushing to China to meet the heavy demand. Currently China ranks fifth in the world’s top markets for luxury watches and is moving up fast. Here is a run down of how these makers performed in China the last fiscal year.

Piaget: Piaget has had an excellent performance and higher then expected sales. In fact more than 60 percent of its total sales were in the Asia-Pacific region. Piaget currently has 13 boutiques in China and plans on opening more.

Cartier: Cartier was flush with new business last year, with nearly a double digit growth in the Asia-Pacific region. Cartier is embracing this new market with open arms and open boutiques (31 boutiques in China)!

Montblanc: Montblanc’s sales declined 6 percent.  This may sound like bad news but Montblanc is fairing pretty well considering the lower demand in American and European markets. Montblanc currently only has 33 percent of its sales in the Asia-Pacific region and is rushing to enlarge this percentage.

Jaeger-LeCoultre: This watch maker has 50 percent of its sales in Europe and has largely ignored the Asia-Pacific. Results: sales and profit decline.

As of now, the number of boutiques a brand has in China the more success it had last year.

-Carlos at Raymond Lee Jewelers

One of South Florida’s largest watch sellers.

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