LVMH takes aim at $30 billion watch market with high-end, reinvented pieces
Publishing timestamp: 2024-02-03 09:00:01
Summary
LVMH is making a push to gain a share of the global luxury watch business by forming a new watch division and introducing higher-priced models. Sales of luxury watches are expected to grow as global wealth increases and younger generations show more interest in high-end mechanical watches. LVMH currently owns 10 watch brands, including TAG Heuer, Hublot, and Zenith, along with fashion and jewelry brands like Louis Vuitton, Bulgari, and Dior. The company's jewelry and watch division posted sales of $11.8 billion in 2023, representing a 7% increase in organic growth. LVMH is targeting the women's watch market, which is the fastest-growing segment of luxury watches. The company's brands are focusing on innovation, materials, and designs to attract customers and keep collectors engaged. LVMH's advantage over other watch brands is its focus on reinvention and desirability. Many of the brands are also mining their pasts for new designs and models. Overall, LVMH is optimistic about the future of the luxury watch market, especially in the United States.
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Keywords: luxury, lvmh moet hennessy louis vuitton se, business news, wealth, business,
Source: https://www.cnbc.com/2024/02/03/lvmh-luxury-watches-at-watch-week-in-miami.html