Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
Lull in Chinese luxury market hurts watches
The luxury market in China has slowed considerably in 2013, impacting high-end watch sales there, according to a report from global consulting firm Bain & Co.
Shanghai, China--The luxury market in China has slowed considerably in 2013, impacting high-end watch sales there, according to a report from global consulting firm Bain & Co.
According to Bain’s 2013 China Luxury Goods Market Study, released in Shanghai last week, mainland China’s luxury goods market slowed from 7 percent growth in 2012 to around 2 percent this year, with similarly slow growth expected in 2014.
Chinese shoppers now do two-thirds of their luxury buying abroad, which is also causing slowdowns in store traffic and openings in the domestic market.
The campaign started nearly a year ago by Chinese President Xi Jinping to cut back on spending and corruption, and to encourage frugality, has also changed the landscape of gifting, which had been one of the major growth engines of the luxury marketplace.
The menswear and watch categories have been hit the hardest by the move of the government.
Watches make up more than one fifth of the total domestic luxury market in China, and sales were down 11 percent in 2013.
The Federation of the Swiss Watch Industry also reports that Swiss watch exports to China fell nearly 27 percent in November. Additionally, during the period of January to November, exports were down 15 percent from the prior-year period.
The bright spot in China’s domestic sales are women’s categories, according to the Bain report.
A rise in women’s influence and sophistication in the country have brought the share of luxury spending between men and women to equal levels in 2013, coming a long way from the 90 percent share that men held in 1995.
This could explain why, even when the watch industry is hurting in China, the jewelry market continues to do well. Bain reports that it was up 5 percent in 2013, with 2013 revenues hitting RMB 8 billion ($1.32 billion).
“China’s luxury market has quickly changed from land-grab to steady focus on consumer experience and ‘like-for-like’ sales,” said Bruno Lannes, a Bain partner in Greater China and lead author of the Chinese edition of the study. “The mindset among global brands here is changing from men’s categories and accessories to women’s categories and fashion. Brands are preparing for this major shift.”
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.