PARIS, July 2 (Reuters) – LVMH opened up a Louis Vuitton jewelry shop on Paris’s Location Vendome on Monday, wishing to touch into a fast-growing market for pricey knick knacks as well as increase the brand name’s picture past natural leather products and also style.
Like Richemont’s Van Cleef & Arpels, Louis Vuitton. will certainly develop premium jewelry on the properties, both in a collection. of collections and also as tailor-made items.
” I do not assume that their aspiration is to take on. Cartier, in itself,” claimed Thomas Mesmin, an expert at CA. Cheuvreux. “It is extra to preserve the image of an international deluxe. brand name that is energetic in all item classifications.”.
The brand-new Paris shop will certainly offer both mid-range things, from as. little bit as 650 euros ($ 820), to ruby as well as sapphire-encrusted. lockets as well as rings that could cost millions.
A Louis Vuitton spokesperson stated: “We are thinking about. opening up brand-new shops for jewelry and also watchmaking in significant global fundings.
LVMH, the globe’s most significant high-end products team, most lately. made a dash in jewelry when it acquired Italy’s Bulgari for 3.7 billion euros, offering LVMH a beneficial brand name and also enhancing.
its internal watch as well as jewelry know-how.
The step in the direction of jewelry enables the French brand name – finest recognized for purses as well as frocks by primary developer Marc Jacobs – to record a market that some specialists think is readied to expand faster compared to various other deluxe sectors.
The worldwide jewelry market deserves regarding 40 billion euros. ($ 50.76 billion), approach experts Roland Berger recommend. A current research study by Bain suggests that the marketplace can expand by 10.
percent a year up until 2014, faster compared to either garments or fragrance and also cosmetics.
” The shop and also the workshop are a vital action, a fundamental choice, suggesting that we look in advance with.
positive outlook,” claimed Hamdi Chatti, supervisor of jewelry and also watches for Louis Vuitton.