Exclusive Release: Luxury Jewelry & Watch Brands China Power Ranking 2024 H1
Today, we proudly announce the first release of:
Luxe.CO’s “Luxury Jewelry & Watch Brands China Power Ranking 2024 H1”
Top 10 List
Click here to download the full report for free
Johann Rupert, Chairman of the Richemont Board, once said, “” If you create a universal demand, then the sales will move from geographical area.”
When discussing “universal demand,” one cannot overlook the category of “jewelry,” especially fine jewelry—captivating gemstones, exquisite craftsmanship, timeless designs, and rare, limited value. These elements cater to the multi-layered needs of high-end consumers from different eras and countries for decoration, heritage, and value preservation.
In fact, in today’s overall sluggish luxury market, fine jewelry sales generally outperform other categories, demonstrating greater resilience than watches in the “hard luxury” sector.
From Luxe.CO‘s “Luxury Jewelry & Watch Brands China Power Ranking 2024 H1,” we observe that luxury jewelry brands are showing more proactive and creative performance than ever before.
In an unstable economic environment, as consumers re-evaluate the meaning of luxury consumption, luxury jewelry brands are communicating a key message to the market with higher frequency VIC events, meticulously planned brand exhibitions, and by showcasing their illustrious history, classic elements, and top-tier products with greater visibility and precision:
Our brand is classic, ultimate, and eternal.
A global CEO of a luxury jewelry brand once told Luxe.CO: At present, China’s high-net-worth customers can shop anywhere in the world, so we often see their presence at overseas events.
However, compared to luxury jewelry brands, luxury watch brands are facing challenges.
After the emotional consumption rebound during the pandemic, luxury watches experienced excellent sales in the Chinese market, but brand leaders quietly questioned: Is this growth sustainable? Once travel resumes, will Chinese consumers immediately fly abroad to shop?
As expected, after a moderate recovery, everything is returning to “normal.”
While habitually focusing on product performance in marketing communications, how can luxury watch brands attract and find potential new customers? How can they effectively simplify the entry for customers and reduce the difficulty of familiarizing themselves with watches? Can they refresh brand genes and highlight differentiated advantages? These are the challenges luxury watch brands face.
Through the 130 brand activities of 34 luxury jewelry & watch brands included in this issue (2024 H1) of Luxe.CO’s Luxury Jewelry & Watch China Power Ranking report, we believe many important clues and inspirations can be found.
Click here to download the full report for free
Compared to the first half of 2023, in the first half of 2024, the number of new stores opened by luxury jewelry & watch brands is less than half of that in the same period in 2023.
From the distribution of new store openings, 76% of new stores in the first half of 2024 were opened in non-first-tier cities in China.
By expanding the coverage of the retail network, brands can find more potential customers more directly. Moreover, brands continue to invest in upgrading existing stores, providing better services and in-store experiences for the most important existing customers.
Meanwhile, we see that brands that actively and correctly carry out marketing investments are achieving better market performance. As emphasized by the CFO of LVMH Group in the latest earnings call: “What I want to say is that brands with less marketing investment in China in recent quarters have been penalized more than others. Customer response to marketing stimuli in China is still very important. That’s why we keep investing in this market; it is obviously a very important market for us.”
Click here to download the full report for free
Last Monday, we released the “Luxury Brand China Power Ranking 2024 H1 and Industry Insights” (Chinese free version).
Next, we will also release the following two reports. Stay tuned!
- “Luxury Brand China Power Ranking 2024 H1 and Industry Insights” (English free version)
- “Luxury Brand China Power Ranking 2024 H1 and Industry Insights” (Full version for Luxe.CO paid subscribers only)
About Luxe.CO Intelligence
Luxe.CO Intelligence is a unique research and consulting services platform in the global fashion industry. Based in China, it provides forward-looking consumer insights, industry research, and strategic consulting services with a broad global perspective and in-depth industry insight.
Drawing upon its continuously expanding industry network, data intelligence, and knowledge base, Luxe.CO Intelligence focuses on the luxury, fashion, beauty, and lifestyle industries. It offers industry leaders the best decision-making references through structured business information, systematic industry research, efficient primary research, rich practical cases, and forward-thinking strategic thinking.
For inquiries and collaboration, you can reach them at lci@luxe.co.
