LVMH, the luxury giant, is venturing into the global luxury watch business with a newly established watch division and a range of new, higher-priced models.
The worldwide sales of luxury watches are estimated to reach $30 billion this year, with projections to exceed $37 billion by 2032. This growth is attributed to the increasing global wealth and the growing interest of Generation Z and millennials in high-end mechanical watches.
In 2023, LVMH’s jewelry and watch division recorded sales of $11.8 billion, marking a 7% increase in organic growth. The luxury conglomerate now boasts 10 watch brands, including TAG Heuer, Hublot, and Zenith, in addition to fashion and jewelry brands such as Louis Vuitton, Bulgari, and Dior, which also produce watches.
Recently, the company appointed Frederic Arnault, the 29-year-old son of LVMH Chairman and CEO Bernard Arnault, as the CEO of LVMH Watches, overseeing the TAG Heuer, Hublot, and Zenith brands.
Industry analysts project significant sales growth for these three brands…
2024-02-03 09:00:01
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