Bulgari Optimistic On Second Half of This Year

Jewelry
18/04/2016 09:05

LVMH jewelry brand Bulgari sees a rise in sales in the second half of this year after sales were hit as a result of the terror attacks in Paris in November."If we keep that traction through the summer, the second half could indeed be much stronger in terms of growth rate," Chief Executive Jean-Christophe Babin told Reuters in an interview. He added that the jeweler aims to grow sales by more than 10% this year. Bulgari is the world's third largest watch and jewelry maker behind Cartier and Tiffany, generating annual revenue estimated at $1.7 billion-2.25 billion.

The jewelry sector and particularly the best known brands have been bucking the luxury goods slowdown because their rare, high-end pieces are regarded as good investments with strong potential re-sale value at auctions, Reuters reported. Demand from affluent Asian woman increasingly buying jewelry for themselves has also been driving up sales.

Bulgari sells jewelry ranging in price from 1,000 euros to 10 million euros, and has around 300 stores worldwide. It plans to add around 12 stores in 2016, Babin said. The jeweler is also looking at growing its e-commerce business, which currently operates in the United States and Japan, to drive further growth in countries such as China, Canada and Russia, he added.