Hublot Rushes to Meet China Luxury Boom- Watch Sell
Raymond Lee Jewelers is South Florida’s source for buying and selling pre-owned Hublot
I have written about Hublot (Big Bang Tutti Frutti) and China’s luxury watch boom in the past. The Swiss watch brand has been vigorously expanding its presence in the emerging Asian markets and is especially focused on China. In the past three years China and Hong Kong have surpassed all other markets to become the largest market for luxury watches. Naturally luxury brands, who have seen sales decline in Europe and America due to the global recession, are rushing to meet this new demand in the far East.
Hublot, which will have 15 stores in Asia by next year hopes to more than double that number. Much of this enthusiasm is coming from Hublot’s CEO Jean-Claude Biver, who is convinced that future profits will grow for the next 30 years, especially in China. Businesses across the world are flocking to Asia, China and Hong Kong and creating a rash of new millionaires in the process. Millionaires in Asia are expected to rise 8.8 percent annually through 2018. Japan and Europe are being swept by trends that embrace a less lavish lifestyle and Hublot views Asia as an oasis in the stagnating market. Sell watches.
There are some signs that Hublot may be taking a risk by betting on the Asian market. China economy has gone through explosive growth the past 10 years but will likely slow to 8.9 percent next year from 10 percent this year. Other luxury watch brands are not as optimistic as Hublot and are refraining from adding new stores in China till they are sure that this is not a “bubble.”
With the average cost of opening a store in China much cheaper than opening one in more traditional locations such as Paris and New York , Hublot is willing to take the risk. China rent rates hover around $100,000 a year compared to the outrageous price of more than $1 million in Paris.
We here at Raymond Lee Jewelers have many beautiful Hublot timepieces available at amazing prices.