The CEOs of the two companies said on Monday that Swiss luxury watchmakers Hublot and Zenith, which are owned by the French luxury goods group LVMH, predict that after a difficult 2020 and a challenging new year, sales will rebound in 2021.
Last year, due to the impact of pandemic-related store closures and the collapse of tourism, an important driving force for the luxury watch business, sales of Swiss watchmakers fell. Some companies with strong operations in mainland China have benefited from the rebound in demand, such as Richemont, which resumed growth in the last quarter of 2020. “
For Hublot, we expect sales growth of 15-20% this year…In China, we still have a lot of potential, and we hope to have a strong growth of 30-50% there,” CEO Ricardo Guadalupe said on the phone The interview told Reuters during LVMH Watch Week.
The physical watch exhibition has been cancelled again in 2021, so LVMH’s watch brand is actually showing off its luxury timepieces this week.
TAG Heuer, the group’s largest watch brand, is currently not participating, but its new CEO Frederic Arnault said in a video message that the brand was “very resilient last year. ”
Hublot’s Guadalupe said that LVMH’s watch and jewellery business and Hublot’s sales growth in the last quarter were better than in the third quarter. LVMH Group is the world’s largest luxury goods group and is scheduled to release its full-year results on Tuesday.