Global License Price: US$ 11,240.00
Introduction
After shrinking during the recession, the global jewelry and watch market is recovering in 2010 and is poised for further expansion, driven by growth in the luxury segment and the Asia Pacific region. Global Jewelry Retailing outlines the size and key drivers of the global jewelry sector and contains chapters on ten leading jewelry retailers accouting for almost a quarter of global sales.
Features and benefits
In 2009 the global jewelry retailing market contracted by 0.6% as consumers scaled back discretionary purchases. The outlook is more positive, especially for the luxury segment which is set to increase in value by over 8% in 2010, compared with over 3% for the mass market.Asia-Pacific (excluding Japan) has overtaken the Americas as the leading region for jewelry and watch retailing. The importance of developing operations in fast growth markets is well recognized by leading companies and those that built presence in Asia-Pacific have performed far better that those that did not.Richemont, the global jewelry and watch market leader, now achieves a third of its sales from Asia Pacific excluding Japan, up from a fifth five years ago. Its operating margin only dropped slightly during the recession thanks in part to continuing strong sales of Cartier in Greater China where it now has almost 400 stores.
Your key questions answered
Introduction
After shrinking during the recession, the global jewelry and watch market is recovering in 2010 and is poised for further expansion, driven by growth in the luxury segment and the Asia Pacific region. Global Jewelry Retailing outlines the size and key drivers of the global jewelry sector and contains chapters on ten leading jewelry retailers accouting for almost a quarter of global sales.
Features and benefits
- Make informed regional investment decisions with data on expenditure per region for 2005-2010e and forecasts to 2015 with accompanying analysis.
- Benchmark your company's performance by accessing profiles of ten key jewelry retailers including key operating statistics and global market shares.
- Make informed product investment decisions by uncovering how the luxury and mass market segments will drive the total global jewelry retailing market.
- Maximise the effectiveness of marketing investments by uncovering the strategies being used by the most prominent players in global jewelry retailing.
In 2009 the global jewelry retailing market contracted by 0.6% as consumers scaled back discretionary purchases. The outlook is more positive, especially for the luxury segment which is set to increase in value by over 8% in 2010, compared with over 3% for the mass market.Asia-Pacific (excluding Japan) has overtaken the Americas as the leading region for jewelry and watch retailing. The importance of developing operations in fast growth markets is well recognized by leading companies and those that built presence in Asia-Pacific have performed far better that those that did not.Richemont, the global jewelry and watch market leader, now achieves a third of its sales from Asia Pacific excluding Japan, up from a fifth five years ago. Its operating margin only dropped slightly during the recession thanks in part to continuing strong sales of Cartier in Greater China where it now has almost 400 stores.
Your key questions answered
- What markets hold the most potential for the precious jewelry and watches sector and should I enter them or invest more in them?
- What is my company’s relative performance in the global jewelry sector and what is an achievable market share objective for my company?
- What companies could my company partner with in the jewelry and watches sector and what do I need to know to improve my pitch to them?
- What branded jewelry concessions should I seek and which jewelry and watches brands should receive premium placement in my store?
- How did Bulgari, Damas Int, Gitanjali, LVMH, Richemont, Signet Group, Swatch Group, Tiffany & Co, Tsutsumi and Zale Corporation perform last year?
Overview
Summary
Executive Summary
Main Conclusions
MARKET ANALYSIS
Rebound begins in 2010
Sub sector trends
Luxury vs mass market
Regional summary
Japan
Rest of Asia-Pacific
Americas
Europe
Middle East & Africa
OUTLOOK & FORECAST
Outlook – economic recovery presents new opportunities
Forecast – Asia-Pacific and luxury segment continue to drive demand
COMPANY COMPARISONS
Market shares
Key operating statistics
BULGARI
Diversified jewelry-based brand
Recent key events – 125th anniversary soured by cost cutting
Financials – sales slump and profits collapse followed by recovery in 2010 to date
Benchmarks – sales plunge further than rival European groups
Stores – more cautious opening program
Outlook – restructuring faces challenges
DAMAS INTERNATIONAL
Crisis halts rapid expansion
Recent key events – black hole in finances prompts restructuring
Financials – rapid sales growth set to unwind
Benchmarks – sales drop faster than at rivals
Stores – end to rapid expansion
Outlook – bright future if investor confidence restored
GITANJALI
Indian jeweler with global ambitions
Recent key events – ambitious investment plans
Financials – rides out downturn with robust domestic growth
Benchmarks – buoyant domestic market gives edge over peers
Stores – rapid retail expansion
Outlook – ambitious operator must show focus
LVMH
Luxury goods build jewelry and watches position
Recent key events – further investment in brands and new opportunities
Financials – watches & jewelry suffer more than other parts of LVMH
Benchmarks – margins weaker than European luxury rivals
Stores – expansion continues
Outlook – recovery uncertain short term
RICHEMONT
Emerging market strengths offer recession protection
Recent key events – board refreshed to oversee recovery
Financials – expansion in emerging markets limits damage from financial crisis
Benchmarks – strong margins continue
Stores – new stores target emerging markets
Outlook – survives recession in good shape
SIGNET GROUP
Emerges stronger following US market shakeout
Recent key events – corporate focus moves to US
Financials – margin recovers from 2008/09 sales slump
Benchmarks – job cuts lift sales per employee
Stores – estate rationalized to reduce costs
Outlook – growth potential in US and beyond
SWATCH GROUP
World’s largest watchmaker
Recent key events – investments continue
Financials – outperformance during recession
Benchmarks – margins the envy of the sector
Stores – mono and multibrand expansion
Outlook – exits recession in strengthened position
TIFFANY & CO
Distinctive global jeweler
Recent key events – investment through downturn
Financials – resilience through recession
Benchmarks – impressive employee productivity
Stores – much potential for further expansion
Outlook – well placed for recovery
TSUTSUMI
Survives in shrinking market
Recent key events – improves performance
Financials – forecasts recovery in 2010/11
Benchmarks – margins compare favorably with global rivals
Stores – new openings increase scale
Outlook – bolder approach needed to fulfill potential
ZALE CORPORATION
Struggles to ensure survival
Recent key events – financial woes dominate
Financials – collapse in sales plunges group to loss
Benchmarks – performance far inferior to Signet
Stores – occupancy costs reduced through closure program
Outlook – many challenges ahead
GLOSSARY
Jewelry market definition
Financial statistics – VAT
Abbreviations
Smaller jewelry and watches retailers, wholesalers, designers
Ask the analyst
Verdict consulting
Disclaimer
TABLE OF FIGURES
Figure 1: Jewelry and watch expenditure growth by sub sector group 2005-2010e
Figure 2: Jewelry and watch expenditure by market segment 2005-2010e
Figure 3: Global jewelry and watch expenditure per region, % share 2005 and 2010e
Figure 4: Japan jewelry & watch retail spend and growth 2005–2010e
Figure 5: Japan’s contribution to sales mix for leading global retailers 2009/10
Figure 6: Rest of Asia Pacific jewelry & watch retail spend and growth 2005–2010e
Figure 7: Americas jewelry & watch retail spend and growth 2005–2010e
Figure 8: Europe jewelry & watch retail spend and growth 2005–2010e
Figure 9: Middle East and Africa jewelry & watch retail spend and growth 2005–2010e
Figure 10: Mall of the Emirates 2010
Figure 11: Key issues in the jewelry and watch market 2010
Figure 12: Manufacturer motivations for expanding into retailing 2010
Figure 13: Jeweler responses to rising commodity prices 2010
Figure 14: Jewelry and watch brand building strategies 2010
Figure 15: Artist’s impression of Louis Vuitton Foundation for Creation 2010
Figure 16: Y-o-Y growth by region % 2010–2015
Figure 17: Global jewelry & watch expenditure % share per region 2010 and 2015
Figure 18: Luxury and mass market shares of jewelry and watch market 2010–2015
Figure 19: Luxury and mass market growth rates 2005–2010 and 2010–2015
Figure 20: Operating margins of jewelry and watch brands 2009/10
Figure 21: Bulgari watches & jewelry regional sales split 2010
Figure 22: Bulgari product mix 2004-09
Figure 23: Interior of Bulgari flagship store, San Francisco 2010
Figure 24: Damas International sales mix 2005 and 2008/09
Figure 25: LVMH watches & jewelry regional sales split 2009
Figure 26: Interior of TAGHeuer store London Westfield 2010
Figure 27: LVMH retail stores by division December 2009
Figure 28: Richemont brands regional sales split 2009/10
Figure 29: Swatch Group brands net sales split 2009/10
Figure 30: Swatch Group brand positioning 2010
Figure 31: Omega store, Resort, Singapore 2010
Figure 32: Hour Passion store, Geneva International Airport store 2010
Figure 33: Tourbillon store, Kitzbuhel 2010
Figure 34: Tiffany regional sales split 2009/10
TABLE OF TABLES
Table 1: Global consumer expenditure on jewelry and watches 2005-2010e
Table 2: Jewelry and watch expenditure by sub sector group 2005-2010e
Table 3: Jewelry and watch expenditure by market segment 2005-2010e
Table 4: Jewelry and watch expenditure by region 2005-2010e
Table 5: Y-o-y change % in global jewelry and watch spend by region 2005–2010e
Table 6: Jewelry expenditure by region 2005-2010e
Table 7: Watch expenditure by region 2005-2010e
Table 8: Key sports event/team sponsorship by watch brands 2010
Table 9: Global consumer jewelry & watch expenditure 2005–2015
Table 10: Jewelry & watch expenditure by region 2010–2015
Table 11: Y-o-Y change % in jewelry & watch expenditure by region 2010–2015
Table 12: Summary of global jewelry & watch expenditure by region 2010–2015
Table 13: Y-o-Y change in jewelry & watch expenditure by sub sector 2010–2015
Table 14: Jewelry & watch expenditure by market segment 2010–2015
Table 15: Jewelry brands global market shares 2005-2010e
Table 16: Jewelry and watch brands key operating statistics years ending 2009/10
Table 17: Jewelry and watch brands key operating statistics in US$ years ending 2009/10
Table 18: Bulgari company overview 2010
Table 19: Bulgari trading record 2005-2010e
Table 20: Bulgari trading record in US$ 2005-2010e
Table 21: Bulgari benchmarks, year to December 2008 and 2009
Table 22: Bulgari stores 2005-2010e
Table 23: Damas International company overview 2010
Table 24: Damas International trading record 2005-2010e
Table 25: Damas International trading record 2005-2010 in US$
Table 26: Damas Interntaional benchmarks, year to March 2009e and 2010e
Table 27: Damas International stores 2005-2010e
Table 28: Damas International store locations Dec 2007
Table 29: Gitanjali company overview 2010
Table 30: Gitanjali Group trading record 2005-2010
Table 31: Gitanjali Group trading record in US$ 2005-2010
Table 32: Gitanjali Gems trading record 2005-2010
Table 33: Gitanjali Gems trading record in US$ 2005-2010
Table 34: Gitanjali benchmarks, year to March 2009 and 2010
Table 35: Gitanjali benchmarks, year to March 2009 and 2010
Table 36: LVMH Group company overview 2010
Table 37: LVMH trading record 2005-2010e
Table 38: LVMH trading record in US$ 2005-2010
Table 39: LVMH watches and jewelry trading record 2005-2010e
Table 40: LVMH watches and jewelry trading record in US$ 2005-2010e
Table 41: LVMH benchmarks, year to March 2009 and 2010
Table 42: LVMH retail stores 2005-2010e
Table 43: Richemont company overview 2010
Table 44: Richemont trading record 2005-2010
Table 45: Richemont trading record in US$ 2005-2010
Table 46: Richemont jewelry and watch maisons trading record 2005-10
Table 47: Richemont benchmarks, year to March 2009 & 2010
Table 48: Richemont brands number of retail stores 2005-2010
Table 49: Richemont stores, March 2009 & 2010
Table 50: Signet Group company overview 2010
Table 51: Signet Group trading record 2005-2010
Table 52: Signet divisional trading 2005-2010
Table 53: Signet Group benchmarks, years to January 2009 and 2010
Table 54: Signet Group retail stores 2005-2010e
Table 55: Signet US stores 2008-2010
Table 56: Signet UK stores 2008-2010
Table 57: Swatch Group company overview 2010
Table 58: Swatch Group trading record 2005-2010e
Table 59: Swatch Group trading record in US$ 2005-2010e
Table 60: Swatch Group watches & jewelry trading record 2005-2010e
Table 61: Swatch Group watches & jewelry trading record in US$ 2005-2010e
Table 62: Swatch Group benchmarks, year to March 2009 & 2010
Table 63: Tiffany & Co company overview 2010
Table 64: Tiffany & Co trading record 2005-2010
Table 65: Tiffany benchmarks, years to January 2009 and 2010
Table 66: Tiffany store portfolio 2005-2010e
Table 67: Tsutsumi company overview 2010
Table 68: Tsutsumi trading record 2005-2010
Table 69: Tsutsumi trading record in US$ 2005-2010
Table 70: Tsutsumi benchmarks, year to March 2009 & 2010
Table 71: Zale Corporation company overview 2010
Table 72: Zale Corporation trading record 2005-2010e
Table 73: Zale Corporation benchmarks, years to July 2008 and 2009
Table 74: Zale Corporation store portfolio 2005-2010
Table 75: Zale Corporation store formats 2007-2009
Table 76: Smaller jewelry and watches retailers, wholesalers and designers
Summary
Executive Summary
Main Conclusions
MARKET ANALYSIS
Rebound begins in 2010
Sub sector trends
Luxury vs mass market
Regional summary
Japan
Rest of Asia-Pacific
Americas
Europe
Middle East & Africa
OUTLOOK & FORECAST
Outlook – economic recovery presents new opportunities
Forecast – Asia-Pacific and luxury segment continue to drive demand
COMPANY COMPARISONS
Market shares
Key operating statistics
BULGARI
Diversified jewelry-based brand
Recent key events – 125th anniversary soured by cost cutting
Financials – sales slump and profits collapse followed by recovery in 2010 to date
Benchmarks – sales plunge further than rival European groups
Stores – more cautious opening program
Outlook – restructuring faces challenges
DAMAS INTERNATIONAL
Crisis halts rapid expansion
Recent key events – black hole in finances prompts restructuring
Financials – rapid sales growth set to unwind
Benchmarks – sales drop faster than at rivals
Stores – end to rapid expansion
Outlook – bright future if investor confidence restored
GITANJALI
Indian jeweler with global ambitions
Recent key events – ambitious investment plans
Financials – rides out downturn with robust domestic growth
Benchmarks – buoyant domestic market gives edge over peers
Stores – rapid retail expansion
Outlook – ambitious operator must show focus
LVMH
Luxury goods build jewelry and watches position
Recent key events – further investment in brands and new opportunities
Financials – watches & jewelry suffer more than other parts of LVMH
Benchmarks – margins weaker than European luxury rivals
Stores – expansion continues
Outlook – recovery uncertain short term
RICHEMONT
Emerging market strengths offer recession protection
Recent key events – board refreshed to oversee recovery
Financials – expansion in emerging markets limits damage from financial crisis
Benchmarks – strong margins continue
Stores – new stores target emerging markets
Outlook – survives recession in good shape
SIGNET GROUP
Emerges stronger following US market shakeout
Recent key events – corporate focus moves to US
Financials – margin recovers from 2008/09 sales slump
Benchmarks – job cuts lift sales per employee
Stores – estate rationalized to reduce costs
Outlook – growth potential in US and beyond
SWATCH GROUP
World’s largest watchmaker
Recent key events – investments continue
Financials – outperformance during recession
Benchmarks – margins the envy of the sector
Stores – mono and multibrand expansion
Outlook – exits recession in strengthened position
TIFFANY & CO
Distinctive global jeweler
Recent key events – investment through downturn
Financials – resilience through recession
Benchmarks – impressive employee productivity
Stores – much potential for further expansion
Outlook – well placed for recovery
TSUTSUMI
Survives in shrinking market
Recent key events – improves performance
Financials – forecasts recovery in 2010/11
Benchmarks – margins compare favorably with global rivals
Stores – new openings increase scale
Outlook – bolder approach needed to fulfill potential
ZALE CORPORATION
Struggles to ensure survival
Recent key events – financial woes dominate
Financials – collapse in sales plunges group to loss
Benchmarks – performance far inferior to Signet
Stores – occupancy costs reduced through closure program
Outlook – many challenges ahead
GLOSSARY
Jewelry market definition
Financial statistics – VAT
Abbreviations
Smaller jewelry and watches retailers, wholesalers, designers
Ask the analyst
Verdict consulting
Disclaimer
TABLE OF FIGURES
Figure 1: Jewelry and watch expenditure growth by sub sector group 2005-2010e
Figure 2: Jewelry and watch expenditure by market segment 2005-2010e
Figure 3: Global jewelry and watch expenditure per region, % share 2005 and 2010e
Figure 4: Japan jewelry & watch retail spend and growth 2005–2010e
Figure 5: Japan’s contribution to sales mix for leading global retailers 2009/10
Figure 6: Rest of Asia Pacific jewelry & watch retail spend and growth 2005–2010e
Figure 7: Americas jewelry & watch retail spend and growth 2005–2010e
Figure 8: Europe jewelry & watch retail spend and growth 2005–2010e
Figure 9: Middle East and Africa jewelry & watch retail spend and growth 2005–2010e
Figure 10: Mall of the Emirates 2010
Figure 11: Key issues in the jewelry and watch market 2010
Figure 12: Manufacturer motivations for expanding into retailing 2010
Figure 13: Jeweler responses to rising commodity prices 2010
Figure 14: Jewelry and watch brand building strategies 2010
Figure 15: Artist’s impression of Louis Vuitton Foundation for Creation 2010
Figure 16: Y-o-Y growth by region % 2010–2015
Figure 17: Global jewelry & watch expenditure % share per region 2010 and 2015
Figure 18: Luxury and mass market shares of jewelry and watch market 2010–2015
Figure 19: Luxury and mass market growth rates 2005–2010 and 2010–2015
Figure 20: Operating margins of jewelry and watch brands 2009/10
Figure 21: Bulgari watches & jewelry regional sales split 2010
Figure 22: Bulgari product mix 2004-09
Figure 23: Interior of Bulgari flagship store, San Francisco 2010
Figure 24: Damas International sales mix 2005 and 2008/09
Figure 25: LVMH watches & jewelry regional sales split 2009
Figure 26: Interior of TAGHeuer store London Westfield 2010
Figure 27: LVMH retail stores by division December 2009
Figure 28: Richemont brands regional sales split 2009/10
Figure 29: Swatch Group brands net sales split 2009/10
Figure 30: Swatch Group brand positioning 2010
Figure 31: Omega store, Resort, Singapore 2010
Figure 32: Hour Passion store, Geneva International Airport store 2010
Figure 33: Tourbillon store, Kitzbuhel 2010
Figure 34: Tiffany regional sales split 2009/10
TABLE OF TABLES
Table 1: Global consumer expenditure on jewelry and watches 2005-2010e
Table 2: Jewelry and watch expenditure by sub sector group 2005-2010e
Table 3: Jewelry and watch expenditure by market segment 2005-2010e
Table 4: Jewelry and watch expenditure by region 2005-2010e
Table 5: Y-o-y change % in global jewelry and watch spend by region 2005–2010e
Table 6: Jewelry expenditure by region 2005-2010e
Table 7: Watch expenditure by region 2005-2010e
Table 8: Key sports event/team sponsorship by watch brands 2010
Table 9: Global consumer jewelry & watch expenditure 2005–2015
Table 10: Jewelry & watch expenditure by region 2010–2015
Table 11: Y-o-Y change % in jewelry & watch expenditure by region 2010–2015
Table 12: Summary of global jewelry & watch expenditure by region 2010–2015
Table 13: Y-o-Y change in jewelry & watch expenditure by sub sector 2010–2015
Table 14: Jewelry & watch expenditure by market segment 2010–2015
Table 15: Jewelry brands global market shares 2005-2010e
Table 16: Jewelry and watch brands key operating statistics years ending 2009/10
Table 17: Jewelry and watch brands key operating statistics in US$ years ending 2009/10
Table 18: Bulgari company overview 2010
Table 19: Bulgari trading record 2005-2010e
Table 20: Bulgari trading record in US$ 2005-2010e
Table 21: Bulgari benchmarks, year to December 2008 and 2009
Table 22: Bulgari stores 2005-2010e
Table 23: Damas International company overview 2010
Table 24: Damas International trading record 2005-2010e
Table 25: Damas International trading record 2005-2010 in US$
Table 26: Damas Interntaional benchmarks, year to March 2009e and 2010e
Table 27: Damas International stores 2005-2010e
Table 28: Damas International store locations Dec 2007
Table 29: Gitanjali company overview 2010
Table 30: Gitanjali Group trading record 2005-2010
Table 31: Gitanjali Group trading record in US$ 2005-2010
Table 32: Gitanjali Gems trading record 2005-2010
Table 33: Gitanjali Gems trading record in US$ 2005-2010
Table 34: Gitanjali benchmarks, year to March 2009 and 2010
Table 35: Gitanjali benchmarks, year to March 2009 and 2010
Table 36: LVMH Group company overview 2010
Table 37: LVMH trading record 2005-2010e
Table 38: LVMH trading record in US$ 2005-2010
Table 39: LVMH watches and jewelry trading record 2005-2010e
Table 40: LVMH watches and jewelry trading record in US$ 2005-2010e
Table 41: LVMH benchmarks, year to March 2009 and 2010
Table 42: LVMH retail stores 2005-2010e
Table 43: Richemont company overview 2010
Table 44: Richemont trading record 2005-2010
Table 45: Richemont trading record in US$ 2005-2010
Table 46: Richemont jewelry and watch maisons trading record 2005-10
Table 47: Richemont benchmarks, year to March 2009 & 2010
Table 48: Richemont brands number of retail stores 2005-2010
Table 49: Richemont stores, March 2009 & 2010
Table 50: Signet Group company overview 2010
Table 51: Signet Group trading record 2005-2010
Table 52: Signet divisional trading 2005-2010
Table 53: Signet Group benchmarks, years to January 2009 and 2010
Table 54: Signet Group retail stores 2005-2010e
Table 55: Signet US stores 2008-2010
Table 56: Signet UK stores 2008-2010
Table 57: Swatch Group company overview 2010
Table 58: Swatch Group trading record 2005-2010e
Table 59: Swatch Group trading record in US$ 2005-2010e
Table 60: Swatch Group watches & jewelry trading record 2005-2010e
Table 61: Swatch Group watches & jewelry trading record in US$ 2005-2010e
Table 62: Swatch Group benchmarks, year to March 2009 & 2010
Table 63: Tiffany & Co company overview 2010
Table 64: Tiffany & Co trading record 2005-2010
Table 65: Tiffany benchmarks, years to January 2009 and 2010
Table 66: Tiffany store portfolio 2005-2010e
Table 67: Tsutsumi company overview 2010
Table 68: Tsutsumi trading record 2005-2010
Table 69: Tsutsumi trading record in US$ 2005-2010
Table 70: Tsutsumi benchmarks, year to March 2009 & 2010
Table 71: Zale Corporation company overview 2010
Table 72: Zale Corporation trading record 2005-2010e
Table 73: Zale Corporation benchmarks, years to July 2008 and 2009
Table 74: Zale Corporation store portfolio 2005-2010
Table 75: Zale Corporation store formats 2007-2009
Table 76: Smaller jewelry and watches retailers, wholesalers and designers
