According to Deloitte’s new report “Global Powers of Luxury”, in 2021 Switzerland still had a 27 percent share of the global jewelery and watch industry. China barely reaches 30 percent.
While Switzerland’s share is so high thanks to the watch industry, the jewelry industry is particularly important in China. Chinese jewelry groups such as Chow Tai Fook, Chow Sang Sang and Chow Tai Seng recorded strong gains.
The study, which examines the world’s top 100 luxury goods companies, concerns the year 2021. In the last study conducted in 2019, Switzerland was still the undisputed world market leader in the watch and jewelery segment.
According to the information obtained, eight of the world’s top 100 luxury companies come from Switzerland. With Richemont and Rolex, the two are among the top ten luxury product representatives. According to the research, Richemont alone had the highest sales in the watch and jewelery industry, followed by Chow Tai Fook and Rolex.
On the other hand, by far the largest luxury goods group in the world comes from France: LVMH. In addition to watches and jewellery (where the group includes the Swiss brands Tag Heuer and Hublot), the company also brings together various brands under one roof for fashion and leather goods, perfumes and cosmetics, wine and spirits and other products.
According to the research, four Swiss companies are among the fastest growing companies in the luxury goods market: Richard Mille, Breitling, Audemars Piguet and Rolex.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
