, 2022-11-06 14:01:33,
Last week, much of the biggest news was about brands expanding internationally. Cartier is opening U.S. stores, Supreme is opening its first store in China, and Shein is building distribution centers across the U.S. Read on for a look at some of the big news from last week and an analysis of why the jewelry sector is feeling confident. And don’t forget to subscribe to the Glossy Podcast and the Glossy Beauty Podcast! –Danny Parisi, sr. fashion reporter
Despite the doom and gloom facing mass brands like Under Armour, luxury brands are staying strong. Companies like Hermès and LVMH have all posted soaring profits. The latter has seen its revenues particularly boosted by its jewelry brands.
LVMH’s third-quarter revenue was nearly $20 billion, with the watch and jewelry sector growing by 25% to $2.6 billion. Within that, Tiffany & Co. and Bulgari were the standouts among LVMH’s jewelry brand portfolio, which also includes Chaumet and Repossi.
Jewelry is particularly resilient to some of the pressures facing other sectors. Luxury jewelry’s high price attracts affluent customers unlikely to be bothered too much by inflation, and expensive watches are an investment opportunity. Rolex even raised its prices for a second time this year on Friday. Jewelry brands, bolstered by good earnings, are eyeing expansion, too, as with Cartier’s plan to open 10 more stores in the U.S. over the next year.
Beyond that, jewelry has two advantages to help weather…
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