Monday, 22 March 2010

Luxury News In Brief – 22/3/10

After “reporting its first quarterly loss in 10 years” (see last week’s MO Down), Italian jeweller Bulgari has announced it wants to double the size of its accessories business over the next three to five years. CEO Francesco Trapani said, "We are not known for accessories; people think about many other brands than Bulgari for a bag...We want to change that." Click here to read more.

While Bulgari looks to accessories, Hermes is aiming to increase annual watch sales by 10 percent over the next five years, as it introduces more complex models at higher prices.

Luc Perramond, CEO of Hermes’ Swiss watch unit, says the brand plans to open 12 to 15 shops dedicated to watches and jewellery in the next three years, in locations like New York, Russia and China. He also said China will be the “main driver” for growth over the next two decades, and Hermes will introduce more jewelled and enamelled pieces that are popular in China. Click here to read more.

Lastly, still on watches. We’re glad to discover that Swiss watch exports rose 14.2 percent in February. LVMH’s watch brands, Hublot, Tag Heuer and Zenith, all said the year had started strongly and they expected double-digit revenue growth for 2010. Click here to read more.

Image credit: It shows Bulgari’s A/W ad campaign.

Who's behind the MO DOWN

Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury,