CEO Corner: Jean-Claude Biver, President of LVMH Watch Division, ‘It’s Time Again to Push Forward in China’
A force of nature in the global luxury watch industry, Jean-Claude Biver talks to Jing Daily about what he sees in store for the China market.
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- Swiss watch exports to mainland China have remained soft, but some brands have seen a slight rebound. Is it time to scale back or push forward in China?
- In 2015, TAG Heuer was one of the luxury brands that chose to adjust pricing in China to address price disparities with other regions. Has this helped balance global sales? Has it had any effect on Chinese gray-market sales?
- Swiss watch exports to Hong Kong declined by 33 percent in July; the next month, Hong Kong lost its title as the world’s largest luxury watch market. Is LVMH readjusting its regional priorities in response to this slump?
- How much have LVMH watch brands been affected by the Chinese government’s widespread anti-corruption campaign? What is your strategy in response?
- You’ve previously emphasized that it’s crucial for the watch industry to resonate with the younger generation. What does it take to persuade millennials to buy watches? Are they harder or easier to reach in China?
- As Swiss watchmakers discuss the future in the era of the smartwatch, TAG Heuer’s Connected has been a successful response to this new technology. What is your view of the relationship between smartwatches and traditional watches, especially in regard to the Chinese market?
- Many luxury brands have been wary of pursuing e-commerce in China for fear of brand dilution, while others have been very active with online sales. Some have even opened shops on Alibaba’s Tmall. Should the watch industry embrace online retail?
- Can TAG Heuer’s involvement in China’s Mars exploration program be what Omega was to the U.S. moon-landing program? Is Mars the millennial generation’s moon?
- What are the three most important aspects of the Chinese luxury market in the years ahead, and how does TAG Heuer, as the pillar of the LVMH Watch Division, intend to address them?
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