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Tag: Tag Heuer

  • Malaysia’s Industronics to launch online pre-owned watch platform

    Malaysia’s Industronics to launch online pre-owned watch platform

    Industronics Bhd is tapping on the US$17 billion pre-owned luxury watch market through Ecgo International Ltd, its wholly-owned subsidiary in Hong Kong.

    This follows the launch of Industronics’ luxury watch e-commerce platform, watch-exchanges.com.

    Executive director Datuk Chu Boon Tiong said based on data and overall market performance, the pre-owned luxury watch market showed promising growth prospects.

    “We are excited to capitalize on the growing trend with the launch of WatchExchange and aim to pave the way for a streamlined trading platform that will not only revolutionise the transactions of pre-owned luxury watches but drive further growth in this industry,” he said in a statement today.

    WatchExchange aims to be the first luxury watch e-commerce platform that issues authenticity certificates for pre-owned luxury watches in Malaysia and Asia Pacific.

    Some of the leading brands profiled are Audemars Piguet, Hublot, Patek Philippe, Tag Heuer, IWC, Omega, Jaeger LeCoultre, Panerai, Rolex and Breitling.

    Chu said pricing and demand for pre-owned luxury watches had been so strong over the last few years that even high-end watch brands were moving into the pre-owned market themselves.

    “However, the biggest challenge for the pre-owned luxury watch market lies in authenticating the watches.

    “Our role here is to ensure that the shoppers can safely purchase luxury watches on WatchExchange without having to worry about the security and authenticity of the pre-owned luxury watches,” he said.

    Industronics, with its team of professional and experienced watch appraisers, said it wanted to create a professional, safe trading environment that would elevate customers’ experience of purchasing pre-owned luxury watches to a new level.

    The company will set up offices in China, Hong Kong, Japan, Singapore, Malaysia, the United States, Canada and Europe, where sellers worldwide could visit for physical appraisals of their watch collections.

    The success of WatchExchange will depend on excellence in several key areas namely stability, sustainability, search engine optimization (SEO) and new media marketing.

    This will also require extensive funding to carry out both online advertising and offline promotional activities.

    Chu believes the competitive advantage for WatchExchange lies in the company’s ability to build a “unicorn” ecosystem around the region.

    “We do not think that the strength of the platform lies solely in the certification and authentication guarantees.

    “We intend to replicate the business models globally via partnerships with a locally listed company in the respective countries.

    “Among the markets that we are looking into are Malaysia, Singapore, Indonesia, Hong Kong, China and several emerging markets in Europe. Once our ecosystem matures, we will have so much more to offer to our customers, in terms of the variety of brands, models, and other services,” Chu said.

    According to a management consultancy firm Bain & Company, the global pre-owned luxury watch market was valued at US$17 billion in 2018.

    However, less than 20 per cent of that market is in the Asia Pacific region, while only 25 per cent of the total pre-owned luxury watch sales were online transactions.

    Euromonitor International, an independent strategic market research provider, estimates the value of retail sales of timepieces in Malaysia to grow by five per cent per annum between 2019 and 2022, to reach up to RM2.5 billion.

    Industronic is looking to set up a fund in Hong Kong to raise RM250 million from potential investors.

    Proceeds raised will be utilised to purchase different brands of luxury watches for resale on the company’s platform.

    Industronics aims to invest around RM25 million or 10 per cent of the total funding required, together with the Hong Kong Cyberport Fund, which will invest an equivalent amount or at a 1:1 ratio.

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  • Tag Heuer and Nintendo announce a Super Mario smartwatch

    Tag Heuer and Nintendo announce a Super Mario smartwatch

    Seems like everybody loves Mario the plumber. The iconic game character has appeared in more than 200 game titles since its first debut back in 1981. And now the Italian pipe-hero has found its way to the smartwatch industry.

    Tag Heuer – the luxury swiss watch brand – announced today that it’s collaborating with Nintendo to make a Super Mario edition of its Connected smartwatch. It’s super limited and also super expensive at $2,150 but then again, the non-Mario version is $1,800. If you’re a Nintendo fan and also love premium swiss watches, this one’s for you.

    The Super Mario watch comes with dedicated animations and also features a unique design. It’s instantly recognizable with its black and white strap and the M logo on the strap buckle. On the bezel, you’ll find familiar elements from the original game – like Super Mushroom, Pipe, Super Star, and Goal Pole. The interface is also cute and game-like – as you progress toward your fitness goals, Mario will reward you with different animations – from tipping his hat to getting on that victory pole. As far as features are concerned, it’s a WearOS device, so you got Google Assistant on board, along with other Google products like Google Pay, Calendar, Translate, Music, etc.

    Google Fit is taking care of your wellbeing, but the watch also has Tag Heuer’s own Sport, Golf, and Wellness apps. The Super Mario watch comes in a 45mm variant and weighs 86 grams (0.18 pounds). It’s water-resistant up to 5ATM, and Tag Heuer promises its 430mAh battery can last a full day.

    If you decide to pull the trigger on this one, you have to act quick – Tag Heuer is making only 2,000 of these and you can register for one right now. The official debut is just two days away – it’s July 15. Oh, and by the way, there’s also a cute Mario-themed box that goes with the watch.

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  • Tag Heuer pop up opens in Shibuya, Tokyo

    Tag Heuer pop up opens in Shibuya, Tokyo

    Swiss luxury timepiece maker Tag Heuer has launched a pop-up at Shibuya Parco, Japan.

    The “Tag Heuer Connected” store delivers a futuristic ambiance in luxurious and stylistic tones featuring the colors of the brand against black. The store showcases Tag Heuer’s key technologies and celebrates the firm’s 160th anniversary.

    To mark the opening, the pop-up is conducting a promotional campaign called the Digital Tag Heuer Touch Rally, whereby visitors who scan a QR code from a Tag Heuer poster in the store and register as an official Line friend will receive an original branded Tag Heuer gift, while stocks last.

    Additionally, the story is holding a lottery for those who purchase the new Tag Heuer Connected watch.

    The pop-up will run through to April 12.

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  • Record results for LVMH in 2018

    Record results for LVMH in 2018

    The world’s largest luxury retailer LVMH shrugged off broader market pessimism overnight reporting record revenue of €46.8 billion last year, up 10 per cent over 2017. Excluding the closure of the unprofitable Hong Kong airport duty-free business in December 2017, the group’s organic growth was 12 per cent. Every business division delivered what the company described as “excellent performances”.

    Group profit rose a staggering 21 per cent to €10 billion with operating margin reaching 21.4 per cent, an increase of 1.9 percentage points.

    “LVMH had another record year, both in terms of revenue and results,” said chairman and CEO Bernard Arnault. “The desirability of our brands, the creativity and quality of our products, the unique experience offered to our customers, and the talent and the commitment of our teams are the group’s strengths and have once again made the difference.”

    Arnault said this year the company would continue to innovate and target investments combining tradition and modernity.

    “In an environment that remains uncertain, we can count on the appeal of our brands and the agility of our teams to strengthen, once again, our leadership in the universe of high-quality products.”

    The company’s flagship Louis Vuitton business was a standout for the group, contributing much of the 15 per cent organic sales growth of the fashion and leather goods business division where profit from recurring operations was up 21 per cent.

    “Christian Dior had an excellent first full year within LVMH thanks to the creativity of Maria Grazia Chiuri for the women’s collections and to the arrival of Kim Jones, the new artistic director of Dior Homme,” the company said in its earnings statement.

    “Fendi and Loro Piana continued to assert their know-how throughout their collections. Celine entered a new and ambitious stage of its development with the arrival of Hedi Slimane as artistic, creative and image director of the brand.”

    Givenchy, Loewe and Kenzo “progressed well” while the other brands, Berluti and Rimowa continued to gain momentum.

    Watches and jewellery profit soars

    LVMH’s watches and jewellery business recorded organic revenue growth of 12 per cent – and a stunning 37 per cent increase in profit from recurring operations.

    “Bulgari performed very well and gained market share. Its iconic jewellery and watchmaking lines Serpenti, Diva’s Dream, B.Zero1, Lvcea and Octo grew strongly.”

    Chaumet’s growth was driven by the success of the Liens and Joséphine collections, particularly in Asia.

    In the watchmaking sector, Tag Heuer continued to expand its range and Hublot enjoyed strong growth, partly due to high visibility as the FIFA World Cup official timekeeper.

    DFS returns to profit

    A return to profitability for the travel-retail business DFS after it exited its Hong Kong airport concessions at the end of 2017 was a highlight of LVMH’s ‘selective retailing’ business unit last year. The business group achieved a 12 per cent improvement in organic revenue growth (excluding the airport business from the 2017 base comparison) and a 29 per cent improvement in profit.

    “DFS progressed strongly thanks to a particularly good performance in Hong Kong and Macau. The recently opened Gallerias in Cambodia and Italy also grew rapidly,” said LVMH.

    Sephora enjoyed unspecified growth in sales and market share, with strong online sales growth in Asia and North America. About 100 new stores opened worldwide, including the new Nanjing Road store in Shanghai and the first Sephora-branded stores in Russia.

    Scents of success

    The perfumes and cosmetics business division achieved organic revenue growth of 14 per cent, driven by the performance of its flagship brands, with profit from recurring operations up 13 per cent.

    “Parfums Christian Dior experienced remarkable growth and increased its market share in all regions of the world. The launch of its new perfume Joy and the exceptional worldwide success of Sauvage and the other iconic perfumes J’adore and Miss Dior are behind the strong growth of the Maison,” said LVMH.

    “Makeup and skincare also grew rapidly. Guerlain progressed well, driven in particular by the success of Abeille Royale in skincare and Rouge G in makeup. Benefit strengthened its leading position in the eyebrow segment and Parfums Givenchy accelerated its performance, thanks in particular to makeup and its new perfume L’interdit. Fresh and Fenty Beauty by Rihanna continued their exceptional growth.”

    Strong spirits

    The wines and spirits business group achieved organic revenue growth of 5 per cent and profit from recurring operations also increased by 5 per cent.

    “The business group reaffirmed its leadership position by pursuing its value strategy and balanced geographic development.”

    The Hennessy business enjoyed “strong momentum” in Mainland China, LVMH said.

  • Stéphane Bianchi to head LVMH watchmaking division

    Stéphane Bianchi to head LVMH watchmaking division

    LVMH has tapped Stéphane Bianchi, the former CEO of the cosmetics firm Yves Rocher, to succeed Jean-Claude Biver as head of LVMH’s watch division.

    Biver, who recently turned 69, stepped down from his operational duties as president of the LVMH watch division and CEO of TAG Heuer for health reasons but will nevertheless remain as non-executive chairman of the division.

    After spending over 45 years in the industry, Biver said he wishes to focus more specifically on “advising and sharing” his experience.

    Bianchi will become CEO of TAG Heuer and oversee the operations of Hublot and Zenith, the other two brands in the watch division, effective 1st of November.

    Recently on the board of the Maus Group, a family business, Stéphane spent most of his career with the Yves Rocher Group where he was CEO from 1998 to 2015.

    LVMH has also promoted Frédéric Arnault to the position of director of strategy and digital director at TAG Heuer. Arnault, 23, was named TAG’s head of connected technology last year. He is the son of LVMH Chairman and CEO Bernard Arnault.

    “I would like to applaud Jean-Claude Biver for the decisive leadership that he has shown in his role at the head of the watchmaking division,” Bernard Arnault said in a statement. “Since the integration of Hublot within LVMH, he has elevated our watchmaking division to a world class technical level of the highest order and has significantly accelerated its commercial growth. I am delighted that the Group will continue to benefit from Jean-Claude’s advice, and I am sure that his entrepreneurial spirit will bring many innovative new ideas to the world of watchmaking.”

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  • MR PORTER Launched “The Luxury Watch Guide” A Global Destination For Luxury Watches

    MR PORTER Launched “The Luxury Watch Guide” A Global Destination For Luxury Watches

    MR PORTER launched The Luxury Watch Guide, a new online destination for its ever-expanding selection of the world’s leading watch brands, including IWC Schaffhausen, Jaeger-LeCoultre, Breitling, TAG Heuer, Officine Panerai, Ressence and more. The Luxury Watch Guide will showcase curated content, educational features, and style advice, alongside details on how best to select and maintain your luxury timepiece through MR PORTER.

    The Luxury Watch Guide establishes MR PORTER as the leading global online retailer for customers to shop luxury timepieces alongside MR PORTER’s vast offering of menswear and lifestyle items, further bolstering its commitment to providing the best in product, content and service across all of its categories.

    The Luxury Watch Guide features:

    • Dedicated pages for customers and readers to gain insight into each brand’s story, alongside each of their current product offerings onsite.
    • Shoppable content aimed to inspire, educate and advise customers during their purchase experience, including: “The Knowledge”, covering topics such as “how to choose the right watch” and “how to take care of your watch”; MR PORTER’s Tick Talk video series, which dives deep into a brand’s heritage; specific product focused stories on discovering a particular novelty; and lifestyle features of inspiring men highlighting the relationship they have with their own timepieces.
    • Direct access to MR PORTER’s team of dedicated Personal Shoppers and first-class service propositions, including: same-day delivery in London and New York; “Try Before You Buy”, a service allowing customers to try product before purchasing; 24/7 customer service; and, secure hand delivery available for all luxury watches.

    “We are thrilled to launch our new Luxury Watch Guide – a dedicated online home for all things watches at MR PORTER. This was a natural next step in our continued growth of the category and not only delivers an engaging platform for both novice and enthusiast watch customers, but also allows us to better serve and inspire them.”, said Mr Toby Bateman, Managing Director, MR PORTER

    For each luxury watch purchase online, MR PORTER has also established a unique aftercare programme, which includes a five-year warranty for all working parts and manufacturing faults. (More than twice as long as the industry’s standard two-year warranty.)

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  • Watch inspires Tag Heuer’s Ginza Store

    Watch inspires Tag Heuer’s Ginza Store

    In a world-first concept, every aspect of the store is modular from the digital façade and displays to the decor. It offers customers immersion in the brand universe with its omni-channel buying experience.

    A highlight are the iTags, the brand’s connected displays. With just a few clicks on an iPad built into the display, the customer can browse watch models. When they make a choice, the watches, on a pivoting support, are instantly lit up on the display. Customers can also transfer their selection to a mobile device, allowing them to extend their experience outside of the store through linking into My Tag Heuer.

    Customers have total independence with a host of options, such as online ordeing with instore pick-up or a more comprehensive introduction to the piece in a traditional store on the second floor. The Tag Heuer sales team, connected to the iTag via a watch, know directly if a customer wishes to try on a particular model.

    American model Bella Hadid and Kabuki actor Shido Nakamura together broke open the lid of a sake barrel as part of the traditional opening ceremony for the Tokyo boutique.

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  • LVMH hits up record revenue in 2017

    LVMH hits up record revenue in 2017

    It has been another record year for luxury products group LVMH Moet Hennessy Louis Vuitton.

    Revenue increased by 13 per cent year on year to reach €42.6 billion (US$52.9 billion), while organic revenue growth was 12 per cent.

    All business groups recorded double-digit organic growth with the exception of wines and spirits, where second-half growth was hit by supply constraints.

    Profit from recurring operations reached €8.2 billion, up 18 per cent. Operating margin reached 19.5 per cent, while the group share of net profit was €5.1 billion, growth of 29 per cent.

    Describing the performance as “excellent”, LVMH chairman/CEO Bernard Arnault says the record year was partly because of a buoyant environment but above all a result of the creative strength of the group’s brands “and their ability to constantly reinvent themselves”.

    Key highlights of last year listed by the group include:

    ● Record revenue and profit from recurring operations.

    ● Growth in Asia, Europe and the US.

    ● The success of both iconic and new products at Louis Vuitton, “whose profitability remains at an exceptional level”.

    ● The acquisition of Christian Dior Couture.

    ● Growth at Fendi and Loro Piana.

    ● The first year of integration of Rimowa luggage.

    ● Strong momentum at Parfums Christian Dior, driven by product innovation.

    ● An excellent year for Bulgari and good progress at Hublot and Tag Heuer.

    ● Growth at Sephora.

    ● Free cashflow of €4.7 billion, up 20 per cent.

    “Significant” growth in China helped Hennessy cognac volumes grow by 8 per cent, with 7.5 million cases shipped despite the second-half supply constraints.

    In fashion and leather goods, key events of the year were products arising from collaborations with artist Jeff Koons as well as the Supreme brand, the launch of the brand’s first smartwatch and the inauguration of the Maison Louis Vuitton Vendome in Paris.

    There was rapid growth in Asia for the perfumes and cosmetics segment, and growth was particularly strong in Asia for Bulgari. Asia again shone in the selective retailing group with Sephora continuing to gain market share.

    LVMH says the year was a positive turning point for DFS, with new stores in Cambodia and Italy continuing to grow sales.

    Despite unfavourable currencies and geopolitical uncertainties, LVMH says it is well equipped to continue its growth momentum across all business groups this year.

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  • LVMH sales soar as shoppers return to luxury

    LVMH sales soar as shoppers return to luxury

    LVMH sales surged 15 per cent in the latest quarter to €9.88 billion (US$10.477 billion).

    That was nearly €400 million more than analysts had been expecting, with the result driven across all of the luxury group’s business units.

    Fashion and leather goods, which account for more than half the company’s turnover, rose 15 per cent during the quarter. That compares with static growth the same quarter last year. Fendi and Louis Vuitton were singled out by analysts as strong performers, with Celine, Kenzo, Loewe and Berluti also showing progress.

    LVMH’s leather and fashion brands also include Dior, Emilio Pucci, Fendi, Givenchy, Louis Vuitton, Marc Jacobs, Moynat, Rimowa and Thomas Pink.

    ‘Selective retailing’,  the group’s second-largest division, had been dragged down by DFS in prior quarters, offsetting a strong performance by Sephora cosmetics chain, observed Deborah Aitken, an analyst with Bloomberg Intelligence. But the latest quarter it showed improvement of 11 per cent. Sephora continued to gain market share globally and recorded double-digit revenue and profit growth for the quarter.

    “This could be an important turnaround,” said Aitken.

    Liquor – including brands such as Cape Mentelle, Chandon, Cloudy Bay, Dom Pérignon, Glenmorangie, Hennessy, Krug, Moët & Chandon and Veuve Clicquot – was the second best performing sector, up 13 per cent organically. Hennessy was a star performer.

    Sales of watches and jewellery also rebounded, rising 11 per cent. Bulgari continued to gain market share and Tag Heuer successfully launched its new Connected Modular 45 watch.

    And the perfume and cosmetics business grew sales by 12 per cent.

    Fung Global Retail observed that Parfums Christian Dior reported good growth and Guerlain launched a new women’s fragrance called Mon Guerlain during the quarter. Parfums Givenchy benefited from the success of lipstick lines, which saw rapid development in Asia. In addition, the Kat Von D brand launched exclusively in January 2017 at Sephora in France.

    Managing expectations

    While the company was clearly pleased with its results it did warn shareholders to keep their expectations modest, pointing out the growth had come against a 2016 quarter when the industry was struggling with Paris terror attacks. It said such levels of growth should not be expected for the full year.

    LVMH shares rose to a record in Paris after the results were announced.

    The LVMH figures will set the standard for a raft of luxury retail earnings due to be released in the coming days. Prada reports results today and Kering, parent of Gucci, on April 25.

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  • Tag Heuer on Tmall

    Tag Heuer on Tmall

    Swiss watchmaker Tag Heuer has launched a flagship store on Tmall.

    The opening of Tag Heuer on Tmall takes to five the number of LVMH units to have a presence on the Alibaba-owned site.

    The launch is the latest sign of luxury goods makers, faced with slower sales in the once-hot China market, embracing new sales channels and digital marketing in an attempt to reach the country’s internet savvy younger generation.

    Leo Poon, Tag Heuer’s GM for Greater China, called the move “a right decision, since Tmall is the largest B2C platform in China and can help us to reach our target customers.” More than 75 per cent of Alibaba users are 35 years old or younger. The company’s China retail marketplaces had a total of 443 million annual active buyers as of December 31.

    China’s share of the global luxury goods market declined slightly from 31 per cent to 30 per cent in 2016, according to a recent report released by consulting firm Bain. But the country remains an engine of growth for luxury goods as China’s middle class continues to increase in size and purchasing power. Tighter government controls on “grey market” imports are bolstering domestic consumption through legitimate sales channels; meanwhile, online shopping in China grew a brisk 26 per cent last year, according to China’s National Bureau of Statistics.

    Against this backdrop, luxury good makers are targeting a younger demographic through digital sales and marketing strategies.

    “If you want to win the future, you should establish a relationship with the young generation early,” said Liu Xiuyun, general manager of Tmall’s apparel division. “Confronted with the internet and e-commerce, conservative luxury brands will lose the future in China.”

    Tmall is not only a sales channel, Liu added. Because it is part of Alibaba’s online ecosystem, which includes mobile apps, social media and entertainment portals, merchants can engage consumers where they live online. Alibaba also has a wealth of data allowing merchants to more precisely target and cultivate individual customers as well as predict general consumption trends, “and this is exactly what luxury brands are looking for,” Liu said.

    In addition to Tag Heuer, other LVMH flagship stores on Tmall are cosmetics brands Make Up For Ever and Guerlain, beauty brands retailer Sephora and premium luggage brand Rimowa.

    LVMH’s venerable Louis Vuitton label has also partnered with Alibaba. Last year, Louis Vuitton invited members of Alibaba’s exclusive Apass Club – online shoppers who spend an average of $45,000 a year in Alibaba marketplaces – to visit the company’s headquarters in France. In addition, Louis Vuitton became one of the first international brands to join Alibaba’s recently launched Big Data Anti-Counterfeiting Alliance, an organisation set up to share industry and technical know-how in order to combat the online sale of counterfeit goods.

    At a February 13 ceremony marking the opening of their Tmall store, Tag Heuer unveiled a pair of his-and-her watches, priced at $,852 for both, as a special Valentine’s Day promotion in China. The launch ceremony, broadcast via Tmall’s mobile app, featured a livestream of Chinese actress Song Jia.

    -Susan Wang

  • Innisfree to launch in Indonesia

    Innisfree to launch in Indonesia

    Beauty products brand Innisfree is launching in Indonesia with brand curator Time International.

    Part of Korean global beauty company AmorePacific Group, Innisfree offers products made with natural ingredients from Jeju, a volcanic island off the southern coast of the Korean Peninsula.

    Innisfree’s first store will open at Central Park Mall Jakarta on March 24, following its introduction in such markets as China, Hong Kong, India, Malaysia, Singapore, Taiwan, Thailand and Vietnam.

    As well as skincare, Innisfree will offer colour cosmetics in Indonesia, says international business VP Chul Kim.

    Innisfree was launched by AmorePacific Group in 2000, joining its brands Laneige and Sulwhasoo.

    Founded in the 1960s, Time International manages multi-brand retail stores as well as mono-brand boutiques for such brands as Cartier, Chanel, Chopard, Diesel, Fendi, Fossil, Project X, Rolex, Sweet Monster and Tag Heuer.

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  • How to grow for Luxury brands

    How to grow for Luxury brands

    Luxury brands need to use new technologies and offer experiences for their customers, the second Luxury Society keynote event in Shanghai has been told.

    UCO Cosmetics CEO Arthur Zhang told the event that the early-stage eCommerce model of simply providing a platform for selling products online is dead.

    He said key technologies being experimented and improved upon in China include augmented reality, virtual reality and live-streaming.

    “The millennial generation in China, which already numbers about 300 million people, seeks experiences and emotional connection – they are not just bystanders,” DLG China partner/MD Pablo Mauron told the audience of more than 150 luxury-industry brand executives. “As a result, live-streaming has become a medium for them to express themselves.”

    He told how brands such as Maybelline, Montblanc and Swarovski are taking advantage of these new opportunities.

    Underlining the key message of the event that eCommerce is changing, CEO Thibault Villet of luxury fashion eCommerce platform Mei.com told how a live-streamed show in collaboration with TMall resulted in 65 per cent of the products featured quickly selling out.

    Meaningful data

    Social customer-relationship management (CRM) makes highly targeted messaging and engagement possible, the event was told by Four Seasons Hotels Asia Pacific director of marketing communications John Hamilton. He said the luxury hotel chain has been gaining meaningful data about its customers, which in turn has driven growth. In the past year, through trial-and-error and optimisation, the group has defined a CRM-led content strategy on WeChat.

    Celebrity and key-opinion-leader partnerships can make a big impact in China, said East Entertainment commercial director Qing Dai, who spoke of her experience of partnering luxury brands with appropriate celebrities. One of Easy Entertainment’s most successful was in linking up Cartier with singer/actor Lu Han.

    Baidu GM for East China Wan (Grace) Zhang said Cartier was the most-searched luxury watch brand among the generation born between 1990 and 2000, linked to Cartier’s collaboration with Lu Han.

    Other speakers at the event included Four Seasons Hotel Pudong (Shanghai) GM Arthur Ho, writer Casey Hall of Women’s Wear Daily, Digital Luxury Group founder/CEO David Sadigh and MD for China Pablo Mauron, Baidu senior project manager Di Fu and Sephora China digital manager Vanessa Qian.

    Attendees included representatives of Alexandre de Paris, Baume & Mercier, Bottega Veneta, Bulgari, Cartier, Chanel, Chaumet, Conde Nast, De Beers, Dior, Hublot, Loewe, LVMH, Marc Jacobs, Massimo Dutti, Michael Kors, Montblanc, Nars, Net-a-Porter, Nike, Sephora, Shiseido, Swarovski, TAG Heuer, Tiffany & Co and Vacheron Constantin.

    Luxury Society, published by Digital Luxury Group, is an online destination for luxury-brand executives covering digital and technology matters and with more than 40,000 members across 150 countries.

  • Tag Heuer sales buck watch trend

    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.

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  • Hard half-year for Luk Fook Holdings

    Hard half-year for Luk Fook Holdings

    Revenue plunged by 21.5 per cent for jeweller Luk Fook Holdings (International) to reach HK$5.5 billion (US$709 million) for the six months to September 30.

    Its interim results also show a drop of 31.5 per cent in overall same-store sales for the period.

    However, its overall gross margin improved by 5.3 points to 28 per cent as a result of a relatively high gold price and higher gemset jewellery sales mix. Because of this, the gross profit decreased by only 3 per cent to HK$1.5 billion.

    Mainland China accounted for 54.6 per cent of total profits, an increase of 12.8 points.
    With a lacklustre market, retail revenue in Hong Kong plunged by 33.4 per cent to $2.642 billion, while the wholesale business shot up by 51.1 per cent to $361.6 million because of an increase in scrap gold sales as well as wholesale rough diamonds.

    Luk Fook says a relatively high gold price saw gold sales fall more than expected.

    During the six months, the group added 27 Lukfook shops worldwide, including 24 in China (nine of them licensed shops), a self-run shop in both Macau’s casino district and New York,and  a licensed shop in Seoul. This brought its total to 1455 Lukfook shops (up from 1412 at the same time last year), spanning Australia, Canada, China, Hong Kong, Korea, Macau, Singapore and the US, as well as nine 3D-Gold shops (up from four) on the mainland.

    The group says it has been striving to diversify its product mix, and since 2010 has been trying to expand its mid- to high-end watch business. At the end of September is was the authorised dealer of 34 watch brands including Audemars Piguet, Bulova, Burberry, Bulgari, Emporio Armani, Eterna, Frederique Constant, Longines, Omega, Oris, Rado, Tag Heuer, and Victorinox Swiss Army.

    For the six months, the watch business contributed revenue of HK$104.49 million down from HK$119.39 million for the same period last year, representing 1.9 per cent of the group’s total revenue, a 12.5 per cent decrease.

    Looking ahead, the group aims to continue to develop its eCommerce business and to further strengthen cooperation with eCommerce platforms in China. At the end of September, the group had 15 online sales platforms in China, including JD.com, Suning.com, Tmall.com and VIP.com.

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  • Multi-brand boutique Project X launches

    Multi-brand boutique Project X launches

    Project X, a multi-brand boutique that caters to young creative minds, has launched at Plaza Indonesia in Jakarta.

    From Time International, Project X offers a new take on men’s and unisex casual fashion and lifestyle. Its curated retail concept introduces 22 international brands and includes innovative designs in apparel, bags, shoes and accessories such as sunglasses and watches.

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    From Australia, Japan, South Korea and the US, the products are displayed in fun and creative surroundings, including a dessert stall, Sweet Monster, which features popcorn soft ice cream.

    The store has a palette of white and grey with wooden accents.

    “People like to shop and discover edgy pieces, and they like to hang out. It is a lifestyle,” says Time International president director/CEO Irwan Danny Mussry. “We see an opportunity here.”

    A second Project X is planned for Pondok Indah Mall 2.

    Featured brands at the boutique are Andersson Bell (South Korea), Beyond Closet (South Korea), Blankof (South Korea), BLC & BLC Gray (South Korea), Buddy Happy (Japan), Kapten & Son (Australia), Kiruna (Japan), Lapiz+ (South Korea), Luccica (South Korea), Mascolanza (South Korea), Miel Homme (South Korea), Monofold (South Korea), National Publicity (South Korea), PKG (Canada), Rawrow (South Korea), Riokairyu (South Korea), Salad Bowls (South Korea), Supercomma B (South Korea), Thank You Studios (South Korea), Thread Etiquette (US) and Ul: Kin (South Korea), United by Blue (US).

    Founded in the 1960s, Time International manages and runs both multi-brand retail stores – including @Time, InTime, The Time Place and Urban Icon – as well as mono-brand boutiques for such brands as Cartier, Chanel, Chopard, Diesel, Fendi, Fossil, Liebeskind, Poney, Rolex, Tag Heuer and Tory Burch.

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