From CNBC:

Luxury giant LVMH is making a push into the global luxury watch business with a new watch division and higher-priced models. Sales of luxury watches are estimated at $30 billion in 2022 and expected to grow to over $37 billion by 2032.

LVMH’s jewelry and watch division posted sales of $11.8 billion in 2023, with 10 watch brands including TAG Heuer, Hublot, and Zenith. CEO Bernard Arnault’s 29-year-old son, Frederic Arnault, was named CEO of LVMH Watches, overseeing the three brands that generated an estimated $2 billion in sales last year.

LVMH’s luxury watch brands are expected to continue to innovate to attract a new generation of luxury watch buyers. Watch Week in Miami showcased new models and CEO interviews revealed expectations for a stronger 2024 despite recent economic concerns.

Women’s luxury watches are the fastest-growing segment of the market, with increasing interest and demand. Bulgari CEO Jean-Christophe Babin noted rising strength at the high end in Bulgari’s businesses, with a surge in sales of high-end jewelry, watches, and bags.

TAG Heuer unveiled a highly sought-after Carrera Plasma Diamant d’Avant-Garde Chronograph Tourbillon priced at over $500,000, which has a waitlist of more than two years. The relentless focus on reinvention and desirability sets LVMH apart from other watch brands and groups.

Zenith launched its Chronomaster Triple Calendar, featuring a triple calendar moonphase chronograph, and a new Chronomaster Sport in green, the hottest color for luxury watches. CEO Julien Tornare highlighted LVMH’s advantage in focusing on reinvention and moving forward to appeal to a new generation.

Zenith offers value in its highly complicated watches to attract younger buyers and collectors. At the same time, LVMH brands are targeting higher prices with limited edition models, showcasing the fusion of tradition and innovation.

LVMH is poised to take a larger share of the luxury watch market by appealing to a new generation of buyers, focusing on innovation and desirability, and targeting the fastest-growing segments, such as women’s luxury watches.



Read more: LVMH luxury watches at Watch Week in Miami