LVMH 2020 . Wa t c h e s & J e w e l r y

86 87

2020 Review

Strong rebound in China in the second half of the year

Bvlgari was very responsive and quickly capitalized on the strong recovery in China. The Maison maintained a high pace of jewelry innovation with the successful launches of its Serpenti Viper, B.Zero1 Rock and Barocko collections. Chaumet inaugurated its new store at its historic address on Place Vendôme in Paris at the start of 2020 and strengthened its presence in China. In the watch sector, TAG Heuer celebrated its 160th anniversary with several limited editions in the Carrera collection and launched the third generation of its smartwatch in New York.

2021 Outlook

To adapt to an environment whose future and pace of improvement are still uncertain, the Maisons will continue their management measures while further accentuating the appeal of their brands. Market developments are being closely monitored and the focus is on extremely rigorous resource allocation. Production and supply levels will remain strictly aligned with demand. The Watches and Jewelry brands will receive highly targeted invest- ments, with a special emphasis on digital, and will continue their programs focused on distribution quality and productivity. Bvlgari will open an expanded and remodeled store on Place Vendôme in Paris, as well as new stores in China, Saudi Arabia, the United States and Russia. TAG Heuer will strengthen its partnership with Porsche and continue the highly selective development of its retail network (particularly in China) with the implementation of its new store concept. Chaumet, Hublot and Fred will also expand their store coverage in China. Chaumet will present its Joséphine & Napoléon exhibition. Lastly, the highlight of 2021 will be the arrival of the prestigious Maison Tiffany, which will substantially bolster the business group s standing in a very dynamic, highly promising market segment.

At a glance