- LVMH, the renowned luxury brand conglomerate, is setting its sights on the lucrative $30bn watch market as global wealth continues to rise and younger generations show increased interest in high-end mechanical watches.
- LVMH is aiming to capture a larger share of this lucrative market with the establishment of a new watch division and the introduction of a range of high-end, reinvented timepieces.
- With its portfolio of prestigious watch brands, including Hublot, TAG Heuer and Zenith, LVMH is poised to make a significant impact in the industry.
According to the research firm IMARC Group, the luxury watch industry is projected to reach over $37bn by 2032 as global wealth increases and the interest in high-end mechanical watches grows among millennials and Generation Z.
During LVMH’s Watch Week in Miami, the brand’s chief executives expressed confidence in the outlook for the luxury watch market, citing the resilience of the American luxury consumer.
With its portfolio of renowned brands such as Bulgari, LVMH is capitalising on the growing demand for high-end and authentic luxury watches.
Jean-Christophe Babin, CEO of Bulgari, attributes the company’s success to the wealthy’s eagerness to invest in reputable and timeless brands.
LVMH is targeting not only the high-end segment but also the fastest-growing segment of luxury watches – women’s watches.
With the increasing purchasing power of women, coupled with more exposure and a growing range of designs, the trend is towards more feminine and unisex watches.
High net-worth individuals (HNWIs) and wealthy millennials looking to invest in luxury watches while the market continues to grow should use a secure money transfer service when making international payments.
TAG Heuer, a brand rooted in car racing, has successfully innovated with materials, complications and designs to captivate collectors.
Its Carrera Plasma, featuring lab-grown diamonds, has gained significant popularity and has a waitlist of over two years. Additionally, TAG Heuer introduced a teal-green Carrera Glassbox Chronograph, paying homage to a historical racing colour.
Zenith, a renowned luxury watch manufacturer, recently launched two impressive timepieces that showcase the company’s commitment to craftsmanship and value.
The Chronomaster Triple Calendar, inspired by a rare prototype from 1970, features a triple calendar moonphase chronograph. Zenith also unveiled the Chronomaster Sport in the hottest luxury watch colour of recent years – green.
According to Benoit de Clerck, a representative from Zenith, the company’s appeal to younger watch buyers and collectors lies in its competitive pricing and the exceptional value it provides.
Many LVMH brands, including Hublot, are increasingly focusing on high-end, limited-edition watches with higher price points.
According to Hublot CEO Ricardo Guadalupe, this shift represents a fusion of traditional watchmaking with innovation, utilising new materials, designs, mechanics and manufacturing techniques.
HNWIs looking to purchase these new luxury timepieces should take advantage of safe modes of money transfer and benefit from the best exchange rates available.
