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While Hermès Watch is one of the few watch brands to have managed to record positive results in 2020, with a 2% increase in revenue, the luxury group is hoping to continue the positive trend this year. According to Guillaume de Seynes, the head of the group, the dynamics of Asia should continue to carry the subsidiary of the eponymous French group.
While Swiss watch exports fell by 22% in 2020 due to the coronavirus pandemic which led to the closure of shops and the virtual halt of tourism, La Montre Hermès, the Swiss subsidiary of the French luxury group based in Brügg, recorded a 2% increase in revenue. The Biel-based company sold around 50,000 pieces last year.
“The success recorded in 2020 represents the consecration of a strategy put in place for the medium term,” president Guillaume de Seynes told AWP on the sidelines of the Watches and Wonders digital watch fair, formerly known as SIHH, which runs from 7 to 13 April. “We are particularly satisfied with 2020 and hope to continue this momentum this year,” the Frenchman said.
“In recent years, we have gone from strength to strength in terms of complications and skills,” he continued, noting that one of the watches that has contributed to the success is “L’Arceau L’Heure de la lune”, described by specialists as “the coolest moon phase watch”.
With this novelty, Hermès showed that it was capable of creating a new version of the traditional complication of the moon phases. This real innovation also allowed the average price to rise gradually to around €5,500 in 2020. “With the launch of our new Hermès HO8 collection, we expect volumes to increase in 2021,” added Mr de Seynes. Unveiled during Watches & Wonders, this latest addition imposes a style that is as sporty as it is sophisticated, in keeping with the Hermès men’s ready-to-wear universe.
The Hermès group will publish its figures in about ten days’ time, and Guillaume de Seynes refused to comment on the progress of business in the first three months of 2021. If until now, the strong growth of Asia, particularly in mainland China, South Korea and Japan, had partly compensated for the weakness of Europe, affected by the absence of tourists and the closure of shops, Asia should continue to play its role as a locomotive this year, with tourism on the Old Continent remaining very limited. It should be noted, however, that the loyalty of local customers, in France among others, has also helped to limit the damage, as has the rise of online sales.
“E-commerce has seen triple-digit growth in 2020 but its contribution remains modest,” acknowledged Guillaume de Seynes.
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Featured Photo : © Hermès[/vc_column_text][/vc_column][/vc_row]
