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The famous watchmaking house, and, as a subsidiary of the LVMH group, is forecasting for its financial year 2021 a much higher growth rate than in 2020, which is suffering the full consequences of the pandemic. The brand has also reinforced its international strategy to avoid a scenario identical to last year.
“It will be a mechanical growth of more than 10%,” said Managing Director Ricardo Guadalupe at AWP on the fringes of the “LVMH watch week” digital exhibition. The boss of the Nyon-based company therefore expects 2021 to be more auspicious, after a decline in sales in 2020.
Initially, in order to face this second year of economic crisis, Hublot’s objectives include strengthening its position in mainland China, the only country whose growth has rebounded considerably, but also one of the most fervent supporters of luxury goods. All the more so since China accounted for 14% of the brand’s turnover in 2020.
“We want to open 4 new shops there this year. Our objective is to double our sales in China within 3 to 5 years and to have 25-30 boutiques there in the medium term” confides the manager. These will be in addition to the 8 monobrand shops already present in the area.
In a second phase, the company will also focus on the European market, which accounts for a third of its revenue. Hublot will therefore target a local clientele in France, England and also Switzerland, in order to avoid further considerable reductions in the future due to the halt in tourism. Indeed, these regions have seen far too many downturns with the crisis, as the market relied mainly on a tourist clientele.
Hublot also aims to reposition itself on its collaborative projects, more specifically with the world of sport, with which it already enjoys a certain proximity, but also with the world of art.
It is with football in particular that the company would like to continue its associations by focusing in particular on its technical know-how. However, in view of the consequences of the health crisis, sporting events have lost their visibility. And this is why the company has chosen to support the art world.
“We are a true manufacture and it is important to show the innovation behind our watches,” stressed the director.
Other annual objectives include the reduction of distribution points from 600 to 500 in order to improve quality, but also the development of e-commerce, which has become an indispensable distribution channel in commerce today.
The company is also counting on LVMH’s famous professional event: Watch week, which runs until January 29th and allows the houses to present their finest watch collections schweiz-libido.com. Indeed, they are in great need of it after having experienced a deplorable year, particularly in the export sector, the majority sector of the Swiss watch industry. According to the Federation of the Watch Industry, exports in 2020 are expected to fall by 20% overall.
Lire aussi > LVMH WATCH WEEK 2021: A LOOK BACK AT BVLGARI’S MASTERPIECES
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