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The luxury goods industry has not been spared from the global Covid-19<\/strong> pandemic, which has led to higher raw material costs and supply chain issues.<\/p>\n <\/p>\n “Higher raw material costs for gold and diamonds will result in price increases of 3 to 4% in April or May,”<\/em> said Ricardo Guadalupe<\/strong>, Hublot’s Chief Executive Officer<\/strong>. “Almost all our suppliers are increasing their prices.\u00a0Steel and titanium costs are also increasing and diamond suppliers have increased their prices by 10 to 15%<\/strong>,”<\/em> commented Guadalupe<\/strong>.<\/p>\n <\/p>\n Despite the global health crisis and an unstable environment, 2021<\/strong> represents a record sales year for Hublot: exports of Swiss timepieces have increased to record levels.<\/p>\n <\/p>\n 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%<\/strong> by 2021 in its boutiques and retailers,”<\/em> the CEO said.<\/p>\n <\/p>\n Other brands have already taken the decision to increase the price of their products, such as Chanel<\/strong>. Indeed, last November, Chanel increased the price of some of its handbags in anticipation of strong demand for the Christmas holidays.<\/p>\n <\/p>\n “All of Hublot’s competitors in the high-end Swiss watch business should raise their prices,”<\/em> said Guadalupe<\/strong>. Adding that “We have to do it anyway, and since everyone else is doing it, it’s acceptable.”<\/em><\/p>\n <\/p>\n <\/p>\n Read also >\u00a0HUBLOT AND BULGARI POST GROWING RESULTS ON THE SIDELINES OF LVMH WATCH WEEK<\/a><\/p>\n <\/p>\n Featured photos : \u00a9 Hublot[\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n <\/p>\n The luxury goods industry has not been spared from the global Covid-19<\/strong> pandemic, which has led to higher raw material costs and supply chain issues.<\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\n<\/h4>\n
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Swiss watchmaker Hublot will increase the price of its timepieces as a result of rising raw material costs.<\/h4>\n