|
LONDON (Reuters) - Bulgari, the flagship jewelry brand of luxury
industry leader LVMH sees growth picking up in the second half
of the year after sales suffered following the attacks in Paris
in November."If we keep that traction through the summer, the
second half could indeed be much stronger in terms of growth
rate," Chief Executive Jean-Christophe Babin told Reuters in a
interview at the company's newly refurbished flagship store in
central London.
Speaking at the marble-floored store in New Bond Street, Babin
added that the jeweler, founded in Rome in 1884, aims to grow
sales by more than 10 percent this year.
Bulgari is the world's third largest watch and jewelry maker
behind Richemont's <CFR.VX> Cartier and Tiffany <TIF.N>
generating annual revenue estimated between 1.5 and 2 billion
euros ($1.7-2.25 billion).
The jewelry sector and particularly the best known brands have
been bucking the luxury goods slowdown because their rare,
high-end pieces are regarded as good investments with strong
potential re-sale value at auctions.
Demand from affluent Asian woman increasingly buying jewelry for
themselves has also been driving up sales.
LVMH does not publish figures for individual brands but its
watches and jewelry unit, of which Bulgari makes up a
significant proportion, were up 7 percent in the first quarter
to 774 million euros, contrasting with fashion and leather sales
which remained flat.
Bulgari, whose jewelry items range from 1,000 to 10 million
euros, has some 300 stores worldwide and plans to add around 12
stores in 2016, Babin said.
Wealthy customers are whisked through the London store to
private upstairs rooms where they can examine potential
purchases.
Babin, sporting a Bulgari watch, said he was also looking at
expanding the company's small but fast growing e-commerce
business, which currently operates in the United States and
Japan, to drive further growth in countries such as China,
Canada and Russia.
(editing by Astrid Wendlandt and Keith Weir)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
