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Swiss watchmaker Hublot will increase the price of its timepieces as a result of rising raw material costs.
The luxury goods industry has not been spared from the global Covid-19 pandemic, which has led to higher raw material costs and supply chain issues.
“Higher raw material costs for gold and diamonds will result in price increases of 3 to 4% in April or May,” said Ricardo Guadalupe, Hublot’s Chief Executive Officer. “Almost all our suppliers are increasing their prices. Steel and titanium costs are also increasing and diamond suppliers have increased their prices by 10 to 15%,” commented Guadalupe.
Despite the global health crisis and an unstable environment, 2021 represents a record sales year for Hublot: exports of Swiss timepieces have increased to record levels.
Demand for Hublot timepieces continues to grow, while the supply of models continues to decline. “Hublot’s watch inventories have been reduced by 30% to 40% by 2021 in its boutiques and retailers,” the CEO said.
Other brands have already taken the decision to increase the price of their products, such as Chanel. Indeed, last November, Chanel increased the price of some of its handbags in anticipation of strong demand for the Christmas holidays.
“All of Hublot’s competitors in the high-end Swiss watch business should raise their prices,” said Guadalupe. Adding that “We have to do it anyway, and since everyone else is doing it, it’s acceptable.”
Read also > HUBLOT AND BULGARI POST GROWING RESULTS ON THE SIDELINES OF LVMH WATCH WEEK
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Swiss watchmaker Hublot will increase the price of its timepieces as a result of rising raw material costs.
The luxury goods industry has not been spared from the global Covid-19 pandemic, which has led to higher raw material costs and supply chain issues.
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Swiss watchmaker Hublot will increase the price of its timepieces as a result of rising raw material costs.
The luxury goods industry has not been spared from the global Covid-19 pandemic, which has led to higher raw material costs and supply chain issues.
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