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LVMH Watch and Jewellery Sales up More Than 10 Percent in 2017

Swiss-made luxury timepieces are emerging from a severe downturn as Chinese demand picks up and the industry's biggest market, Hong Kong, returns to growth.
Hublot Platinum Watch Detail | Source: Hublot
By
  • Reuters

GENEVA, Switzerland — Luxury goods group LVMH's watch and jewellery sales rose more than 10 percent last year, the head of the group's Hublot brand said on Sunday.

"For Hublot, sales were up 12 percent in 2017. The rise was more than 10 percent for the watch and jewellery business as a whole," Hublot Chief Executive Ricardo Guadalupe told Reuters in Geneva ahead of an international watch fair.

"This year, we expect Hublot sales to rise 5-6 percent, maybe 10 percent if things go well," he added.

Hublot is one of three LVMH luxury watch brands which also include TAG Heuer and Zenith. It counts Bulgari among its top-end jewellery units.

The watch fair is dominated by LVMH's rival Richemont, with Swiss-made luxury timepieces just emerging from a severe downturn as Chinese demand picks up and the industry's biggest market, Hong Kong, returns to growth.

Overall, Swiss watch exports rose 2.8 percent in the first eleven months of 2017.

By Silke Koltrowitz; Editor: Richard Lough and Alexander Smith.
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