Tag Heuer sales buck watch trend
Tag Heuer sales have soared as the LVMH-owned luxury watch brand defies the downturn in the Swiss watch industry.
And now the company is eying a greater presence in China, undeterred by the routing of the luxury retail market in Hong Kong. It has opened 60 new points-of-sale in Greater China this year.
In an interview with Reuters, CEO Jean-Claude Biver said sales for the brand have risen more than 10 per cent so far this year – and is confident more growth is ahead. That contrasts with a 10 per cent sales plunge just two years ago.
He cites new models and a smart watch for the improved fortunes, with the most growth in the company’s core US$1000 to $2000 price bracket.
Tag Heuer’s remarkable growth has come as Swiss watch exports fell 11 per cent year-to-date.
“For us, China is a country where historically we were not very present, so it is huge opportunity,” Biver told Reuters.
“We are investing massively in China while the others are cutting their investments,” he said.