Luxury’s new floor plan: Buccellati joins jewelry elite
With China’s high-end malls prioritizing high jewelry brands and Gen Z embracing the ‘heiress aesthetic,’ Buccellati’s move to IFS Chengdu’s 1st floor signals a shift in luxury’s hierarchy.
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Published March 25, 2025
What happened #
Italian jewelry and watch company Buccellati is making a calculated move in China’s evolving luxury market, relocating its Chengdu International Finance Square (IFS) boutique from the third floor to the coveted first-floor “golden zone.” This shift places the house alongside top-tier hard luxury brands such as Van Cleef & Arpels, Tiffany & Co, Graff, and Bulgari — marking it as the fifth high jewelry brand to secure a prime ground-floor location in one of China’s most lucrative luxury malls.
Previously situated among brands like Chaumet, De Beers, and Mikimoto, Buccellati’s upgrade comes as Delvaux, a fellow Richemont-owned brand, has exited the coveted space. Delvaux’s contraction in China follows a broader pullback among niche luxury labels as discretionary spending softens, particularly in categories that lack heritage positioning, or deep consumer loyalty.
Resilience amid softening spending #
Despite a challenging macro environment, Buccellati has achieved remarkable performance in China. The brand achieved triple-digit sales growth in 2024, even as Bain & Company forecast a 25% to 30% contraction in the global jewelry market. Its approach — measured expansion, selective retail presence, and a strong emphasis on craftsmanship — has positioned it as a rising force in China’s high jewelry segment.
Richemont’s internal strategy further supports Buccellati’s upward trajectory. Under the leadership of newly appointed CEO Nicolas Bos, former head of Van Cleef & Arpels, the group has intensified its focus on high jewelry. Buccellati, alongside Cartier and Van Cleef & Arpels, contributed over 70% of Richemont’s 7.1 billion euros ($7.8 billion) revenue in H1 FY 2025, highlighting the increasing importance of hard luxury within the group’s portfolio. Since its acquisition by Richemont in 2019, Buccellati has seen its sales grow 4.5 times, a significant acceleration compared to the eight years it took to double revenue prior to the acquisition.
The Jing Take #
Buccellati’s store upgrade at Chengdu IFS is more than just a relocation — it is a strategic shift that reflects both the resilience of high jewelry and the changing retail priorities of luxury malls in China. Traditionally, first-floor retail spaces in top-tier malls have been reserved for fashion heavyweights like Louis Vuitton, Dior, and Chanel, with only select jewelry and watch maisons securing such locations. The inclusion of Buccellati signals an increased willingness among landlords to prioritize high jewelry, a category that has demonstrated stronger resistance to market downturns.
Optimizing retail footprints: Quality over quantity #
The shift also underscores a broader trend: hard luxury brands are re-evaluating their China footprint. Rather than pursuing rapid expansion, brands are focusing on optimizing existing locations and refining their retail networks. Graff, for instance, is set to open its largest global flagship in Beijing’s Wangfu Central, while Tiffany & Co. recently reopened its upgraded Chengdu Taikoo Li flagship after an extensive renovation. This aligns with insights from Bain & Company, which suggests that luxury brands in China are moving away from aggressive store openings in favor of strengthening performance at key locations.
How KOLs are influencing high jewelry demand #
Key opinion leaders (KOLs) and luxury influencers have also played a role in elevating high jewelry’s status among younger Chinese consumers. Buccellati has benefited from increased visibility through luxury-focused content creators and platforms that highlight the exclusivity of its Renaissance-inspired designs. The rise of the “heiress aesthetic” (千金风), fueled by Xiaohongshu KOLs such as @1saye, has further driven demand for heritage jewelry houses like Buccellati, Graff, and Harry Winston. These brands, often seen as symbols of understated wealth, have gained traction among affluent millennials and Gen Z consumers seeking differentiation from mass luxury.
The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.