Costume jewellery continued to see a slower decline in retail volume sales, compared with fine jewellery. In a recessive economic context, consumers experienced reduced purchasing power.
Beyond the economic issue, security plays an important part in the choice of jewellery among local consumers. This concern is increasingly real during times of economic distress.
Most raw materials and finished products in fine jewellery are imported into Argentina. There is little or no incentive for potential domestic fine jewellery producers as import costs are much lower than producing products locally.
Blue Star Group’s Todomoda and IsaDora (NBO: Vision 101), remained the leading brands in costume jewellery and the category overall in 2018. They benefit from being sold through monobrand chained stores, while other jewellery stores tend to be smaller and independent.
As anticipated, Pandora has entered Argentina via an aggressive expansion plan. The plan featured: the opening of five stores in a few months, with more expected in the short to medium term, in the most upmarket shopping malls in the country; and a premium pricing strategy for the domestic market.
Owners of brands active in other industries or categories, such as bags and luggage, apparel and watches, have expanded their product lines to include costume jewellery. A key aim is to offer consumers lower-ticket entrance or gateway products.
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