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: bagmix.com. It shows Bulgari’s A/W ad campaign.
