Sales of Hublot and Bulgari watches surpassed pre-pandemic levels – Robb Report
Even amid a tumultuous 2021, sales of Hublot and Bulgari watches have grown at an extraordinary pace.
The two luxury titans, led by LVMH, saw an influx of purchases last year to push numbers well beyond 2019 levels. Coinciding with the start of LVMH Watch Week, Hublot CEO Ricardo Guadalupe, told Reuters that sales in the United States were up around 30% while there were also “great numbers” in mainland China.
“2021 was a good year, we did better than 2019,” Guadalupe said in an interview on Monday.
Bulgari CEO Jean-Christophe Babin echoed that sentiment, saying the publication’s market share gains had helped the Swiss watchmaker surpass pre-pandemic levels.
“The United States became our second largest market last year and currently has one of the best growth rates,” Babin said.
However, it was not all easy. Sales of Swiss luxury watches plunged in 2020 after the pandemic wreaked havoc on physical stores and collectors cut spending. But the market bounced back with flying colors just a year later; in fact, last November, Swiss watch exports reached their highest monthly level in seven years. According to the Federation of the Swiss Watch Industry (FHS), the increase is mainly due to the demand for high-end watches made from precious metals.
Looking to the year ahead, Guadalupe shared that tourist buyers are still not going and supply chain issues are causing production delays, but hopefully that will be resolved by now. the summer.
“We obviously won’t see the same strong rebound between 2021 and 2022, but we believe we will have solid growth,” the CEO added.
Hublot and Bulgari, along with Zenith and TAG Heuer, will showcase their latest collections virtually this year during LVMH Watch Week, which runs from today until January 28.
As for the figures, Swiss watch exports for the full year are expected on January 27th. LVMH will share its annual results on the same day. Stay tuned.