Luxury Timepieces in Italy

PROSPECTS

Premiumisation leads to value growth and volume decline

Luxury timepieces continued to see healthy current value growth in 2019. However, the increase was slightly lower compared with 2018, as domestic demand was negatively impacted by greater political and economic uncertainty in Italy.

Men’s luxury timepieces sees the fastest growth and highest sales

Men’s luxury timepieces outperformed women’s luxury timepieces in terms of current value growth in 2019. Men remain the key consumers of luxury timepieces.

Internet retailing sees dynamic growth thanks to millennials

Internet retailing was the most dynamic distribution channel in luxury timepieces in 2019, and this is expected to continue in the forecast period. Millennials will drive demand through internet retailing.

COMPETITIVE LANDSCAPE

Rolex remains the leading brand due to its classic style

Rolex Italia remained the leader in luxury timepieces in Italy in value terms in 2018, thanks partly to its Tudor brand, but above all thanks to its Rolex brand. This is the most recognised luxury Swiss watch brand, which remains synonymous with luxury timepieces with classic style, and continued to see strong growth in 2018.

Cie Financière Richemont maintains second position

International brands maintained the top rankings in luxury timepieces in 2018, as Swiss timepieces are associated with the highest quality, expertise and precision by Italian consumers. Cie Financière Richemont was the second player after Rolex Italia, thanks to its wide portfolio of luxury timepieces brands, including Swiss brands such as IWC, Cartier, Vacheron Constantin, Jaeger-LeCoultre and Officine Panerai.

Officine Panerai sees strong growth by offering both good design and technology

Officine Panerai was the most dynamic brand in luxury timepieces in 2018. This is an Italian brand offering the finest Italian design and highest Swiss technology and excellence.

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