Hublot and Bulgari have risen to the top of LVMH’s portfolio of luxury watch brands as their sales have exceeded pre-COVID-19 2019 levels. Both brands’ growth is expected to continue through 2022. The news was reported by Reuters.
This rebound comes after Swiss luxury watch sales declined in 2020 as stores were shuttered during the pandemic and lockdowns left rare occasions to wear a luxury watch. Strong demand in the United States and China helped with the rebound last year as lockdown restrictions lifted and consumers resumed shopping.
Switzerland will release full-year watch exports on January 27, the same day LVMH will report full-year results. Tourism is still slow and there are supply chain issues with manufacturing, but both these things are expected to improve by summer.
Bulgari CEO Jean-Christophe Babin told Reuters that the United States has become Bulgari’s second-biggest market and it currently has one of the best growth rates. Today, LVMH’s director competitor, Kering, announced they are selling 100 percent of their stake in watchmaking firm Sowind Group SA, divesting from some of their luxury watch brands.