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As a result of the health crisis, watchmaker-jewelry maker Piaget, a subsidiary of the Richemont Luxury Group, has recorded a sharp decline in net profit for its business over the 2019-2020 year. Added to this, the Geneva-based company has seen strong disparities in the performance of its business across regions.
In the first quarter of 2020, Piaget‘s sales fell by 18%, due to the decline in the Asia-Pacific region. Indeed, the health crisis having led to the closure of boutiques, Piaget has seen a significant drop in sales. For example, Hong Kong, the largest market for the Swiss watch industry, saw its sales fall by 67%.
Sales disparities by region
However, the progression of vaccine campaigns around the world since the end of 2020 allows the Geneva-based company to be confident for the coming months.
“Asia and the Middle East are very dynamic, while Europe and the United States are suffering more from the coronavirus pandemic,” Quentin Hebert, the company’s European Marketing & Communication Director, told AWP at-casinos.com. The pandemic has receded in Asia and the Middle East more quickly than in Western countries, the president of the Richemont group, Johann Rupert, adds that “we see the first signs of improvement in our business. Since our 462 stores in China reopened, we have seen strong demand there.
The Chinese population contributes to more than a third of the global luxury goods industry’s revenues.
Apart from the closure of boutiques in Asia, which is impacting the Swiss company’s sales but is gradually improving, the recovery in other markets, particularly in Europe, could take longer than in Asia. Sales of luxury jewelry and watches in Europe depend mainly on Chinese tourism, which will take longer to recover schweiz-libido.com.
“Nevertheless, we are feeling an overall improvement in the trend from month to month. It is a slow and gentle progression for Europe and the United States,” said Quentin Hebert. points out Quentin Hebert. “The absence of tourists is felt throughout Europe, but France and Switzerland, for example, are suffering more,” he adds mit firma.
In the third quarter of 2020, sales growth in mainland China of the Richemont group increased by 80%, while for the European sector, the results have contracted by -20%.
E-commerce, the major challenge for the Swiss firm
To overcome these disparities in market dynamics by region, the Swiss manufacturer plans to expand its online sales network in the coming months to offer its customers a shopping experience that combines all sales channels.
The company, like many of its competitors, has greatly expanded its online sales in the year 2020 brasil-libido.com. “We started five years ago and we cover about two-thirds of our markets through this channel,” says Quentin Hebert, before adding that Switzerland will have an online sales site for Piaget products by the second half of the year เว็บไซต์.
The sales performance of the jewelry division accounts for 51% of Piaget‘s turnover. They were driven by online sales, offsetting the decline in Asia-Pacific thanks to sales in the Americas, Europe and Japan. By the end of 2020, online sales had reached 19% of the group’s revenues, up from 16% the previous year.
With the vaccination campaign progressing, Hebert says he is “very confident” about the current year, with prospects for a return to pre-crisis levels “promising.”
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As a result of the health crisis, watchmaker-jewelry maker Piaget, a subsidiary of the Richemont Luxury Group, has recorded a sharp decline in net profit for its business over the 2019-2020 year. Added to this, the Geneva-based company has seen strong disparities in the performance of its business across regions.
In the first quarter of 2020, Piaget‘s sales fell by 18%, due to the decline in the Asia-Pacific region mehr infos hier. Indeed, the health crisis having led to the closure of boutiques, Piaget has seen a significant drop in sales. For example, Hong Kong, the largest market for the Swiss watch industry, saw its sales fall by 67%.
Sales disparities by region
However, the progression of vaccine campaigns around the world since the end of 2020 allows the Geneva-based company to be confident for the coming months.
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As a result of the health crisis, watchmaker-jewelry maker Piaget, a subsidiary of the Richemont Luxury Group, has recorded a sharp decline in net profit for its business over the 2019-2020 year. Added to this, the Geneva-based company has seen strong disparities in the performance of its business across regions.
In the first quarter of 2020, Piaget‘s sales fell by 18%, due to the decline in the Asia-Pacific region. Indeed, the health crisis having led to the closure of boutiques, Piaget has seen a significant drop in sales. For example, Hong Kong, the largest market for the Swiss watch industry, saw its sales fall by 67%.
Sales disparities by region
However, the progression of vaccine campaigns around the world since the end of 2020 allows the Geneva-based company to be confident for the coming months.
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