AFP
Mar 16, 2015
LVMH expects about 2% growth for watchmaking division in 2015
AFP
Mar 16, 2015
The watchmaking division of LVMH, the world leader in luxury, is expected to grow by about 2% in 2015, according to comments made on Sunday by its CEO, Jean-Claude Biver.
With the overall watch industry expected to grow by between 1 and 3%, "My personal goal is to do better than the market to the tune of half a percentage point, at least," said Jean-Claude Biver in an interview with SonntagsZeitung.
Referring to the effects of the Swiss National Bank’s decision to abandon the cap on the Swiss franc’s value against the euro, Jean-Claude Biver indicated that the fluctuation in exchange rates has since been partially digested, and that prices have adapted.
In the euro zone, LVMH will increase them by 5 to 7%.
As a major international group, LVMH can also buy advertising in cheaper currency areas. "Or we pay our brand ambassadors in euros instead of Swiss francs," said the executive.
The LVMH watchmaking division includes the brands Hublot, Zenith and TAG Heuer. The latter is set to release a smartwatch this fall.
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