Gem-Set Watches Shine Amidst Luxury Downturn
Gem-set watches are taking center stage at this year’s Watches and Wonders fair, despite a broader downturn in the luxury goods market. According to a recent report by Bain & Co., jewelry remains a resilient category, with significant growth reported by major houses like Richemont and impressive performances by brands such as Cartier and Van Cleef & Arpels. High-end watchmakers are integrating precious materials and intricate designs, blending the boundary between timekeeping and fine jewelry. This trend underlines the enduring appeal of investment-worthy luxury items that combine both beauty and functional prestige.
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Chanel, Hermès, and LVMH Pivot to Hard Luxury with Strategic Emphasis on Watches
In a strategic shift, luxury brands Chanel, Hermès, and LVMH are intensifying their focus on watchmaking, underscored by joining the board of the Watches and Wonders Foundation Geneva. This move from soft to hard luxury, which includes more durable luxury watches, signifies their adaptation to a more stable market segment amid economic uncertainties. Their commitment is further emphasized by their active participation in the Watches and Wonders events, which have grown to include public days and expansion to global cities like Shanghai. The Geneva event from next April 1 to 7 will further showcase these brands' innovations and collaborations, marking an evolution within the luxury watch industry.
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