Reportlinker Adds Global Jewelry Retailing: Market Size, Retailer Strategies and Competitor Performance
NEW YORK, Dec. 9, 2010 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
Global Jewelry Retailing: Market Size, Retailer Strategies and Competitor Performance
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 accounting 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.
Highlights
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?
TABLE OF CONTENTS
Overview 1
Summary 1
Executive Summary 2
Main Conclusions 2
MARKET ANALYSIS 16
Rebound begins in 2010 16
Sub sector trends 18
Luxury vs mass market 21
Regional summary 22
Japan 25
Rest of Asia-Pacific 28
Americas 32
Europe 34
Middle East & Africa 37
OUTLOOK & FORECAST 40
Outlook – economic recovery presents new opportunities 40
Forecast – Asia-Pacific and luxury segment continue to drive demand 51
COMPANY COMPARISONS 59
Market shares 59
Key operating statistics 61
BULGARI 64
Diversified jewelry-based brand 64
Recent key events – 125th anniversary soured by cost cutting 67
Financials – sales slump and profits collapse followed by recovery in 2010 to date 69
Benchmarks – sales plunge further than rival European groups 71
Stores – more cautious opening program 71
Outlook – restructuring faces challenges 73
DAMAS INTERNATIONAL 74
Crisis halts rapid expansion 74
Recent key events – black hole in finances prompts restructuring 76
Financials – rapid sales growth set to unwind 77
Benchmarks – sales drop faster than at rivals 78
Stores – end to rapid expansion 79
Outlook – bright future if investor confidence restored 80
GITANJALI 82
Indian jeweler with global ambitions 82
Recent key events – ambitious investment plans 84
Financials – rides out downturn with robust domestic growth 85
Benchmarks – buoyant domestic market gives edge over peers 87
Stores – rapid retail expansion 87
Outlook – ambitious operator must show focus 88
LVMH 90
Luxury goods build jewelry and watches position 90
Recent key events – further investment in brands and new opportunities 93
Financials – watches & jewelry suffer more than other parts of LVMH 94
Benchmarks – margins weaker than European luxury rivals 97
Stores – expansion continues 97
Outlook – recovery uncertain short term 99
RICHEMONT 101
Emerging market strengths offer recession protection 101
Recent key events – board refreshed to oversee recovery 103
Financials – expansion in emerging markets limits damage from financial crisis 105
Benchmarks – strong margins continue 108
Stores – new stores target emerging markets 108
Outlook – survives recession in good shape 109
SIGNET GROUP 112
Emerges stronger following US market shakeout 112
Recent key events – corporate focus moves to US 114
Financials – margin recovers from 2008/09 sales slump 115
Benchmarks – job cuts lift sales per employee 119
Stores – estate rationalized to reduce costs 119
Outlook – growth potential in US and beyond 123
SWATCH GROUP 125
World's largest watchmaker 125
Recent key events – investments continue 128
Financials – outperformance during recession 130
Benchmarks – margins the envy of the sector 132
Stores – mono and multibrand expansion 132
Outlook – exits recession in strengthened position 135
TIFFANY & CO 137
Distinctive global jeweler 137
Recent key events – investment through downturn 139
Financials – resilience through recession 140
Benchmarks – impressive employee productivity 142
Stores – much potential for further expansion 142
Outlook – well placed for recovery 143
TSUTSUMI 145
Survives in shrinking market 145
Recent key events – improves performance 147
Financials – forecasts recovery in 2010/11 147
Benchmarks – margins compare favorably with global rivals 148
Stores – new openings increase scale 148
Outlook – bolder approach needed to fulfill potential 148
ZALE CORPORATION 150
Struggles to ensure survival 150
Recent key events – financial woes dominate 152
Financials – collapse in sales plunges group to loss 153
Benchmarks – performance far inferior to Signet 154
Stores – occupancy costs reduced through closure program 154
Outlook – many challenges ahead 156
GLOSSARY 157
Jewelry market definition 157
Financial statistics – VAT 157
Abbreviations 157
Smaller jewelry and watches retailers, wholesalers, designers 159
Ask the analyst 161
Verdict consulting 161
Disclaimer 161
TABLE OF FIGURES
Figure 1: Jewelry and watch expenditure growth by sub sector group 2005-2010e 18
Figure 2: Jewelry and watch expenditure by market segment 2005-2010e 21
Figure 3: Global jewelry and watch expenditure per region, % share 2005 and 2010e 22
Figure 4: Japan jewelry & watch retail spend and growth 2005–2010e 25
Figure 5: Japan's contribution to sales mix for leading global retailers 2009/10 26
Figure 6: Rest of Asia Pacific jewelry & watch retail spend and growth 2005–2010e 28
Figure 7: Americas jewelry & watch retail spend and growth 2005–2010e 32
Figure 8: Europe jewelry & watch retail spend and growth 2005–2010e 34
Figure 9: Middle East and Africa jewelry & watch retail spend and growth 2005–2010e 37
Figure 10: Mall of the Emirates 2010 39
Figure 11: Key issues in the jewelry and watch market 2010 40
Figure 12: Manufacturer motivations for expanding into retailing 2010 41
Figure 13: Jeweler responses to rising commodity prices 2010 44
Figure 14: Jewelry and watch brand building strategies 2010 45
Figure 15: Artist's impression of Louis Vuitton Foundation for Creation 2010 47
Figure 16: Y-o-Y growth by region % 2010–2015 53
Figure 17: Global jewelry & watch expenditure % share per region 2010 and 2015 54
Figure 18: Luxury and mass market shares of jewelry and watch market 2010–2015 57
Figure 19: Luxury and mass market growth rates 2005–2010 and 2010–2015 58
Figure 20: Operating margins of jewelry and watch brands 2009/10 62
Figure 21: Bulgari watches & jewelry regional sales split 2010 66
Figure 22: Bulgari product mix 2004-09 67
Figure 23: Interior of Bulgari flagship store, San Francisco 2010 72
Figure 24: Damas International sales mix 2005 and 2008/09 75
Figure 25: LVMH watches & jewelry regional sales split 2009 91
Figure 26: Interior of TAGHeuer store London Westfield 2010 98
Figure 27: LVMH retail stores by division December 2009 99
Figure 28: Richemont brands regional sales split 2009/10 102
Figure 29: Swatch Group brands net sales split 2009/10 126
Figure 30: Swatch Group brand positioning 2010 127
Figure 31: Omega store, Resort, Singapore 2010 133
Figure 32: Hour Passion store, Geneva International Airport store 2010 133
Figure 33: Tourbillon store, Kitzbuhel 2010 134
Figure 34: Tiffany regional sales split 2009/10 138
TABLE OF TABLES
Table 1: Global consumer expenditure on jewelry and watches 2005-2010e 16
Table 2: Jewelry and watch expenditure by sub sector group 2005-2010e 18
Table 3: Jewelry and watch expenditure by market segment 2005-2010e 22
Table 4: Jewelry and watch expenditure by region 2005-2010e 23
Table 5: Y-o-y change % in global jewelry and watch spend by region 2005–2010e 23
Table 6: Jewelry expenditure by region 2005-2010e 24
Table 7: Watch expenditure by region 2005-2010e 24
Table 8: Key sports event/team sponsorship by watch brands 2010 46
Table 9: Global consumer jewelry & watch expenditure 2005–2015 51
Table 10: Jewelry & watch expenditure by region 2010–2015 52
Table 11: Y-o-Y change % in jewelry & watch expenditure by region 2010–2015 52
Table 12: Summary of global jewelry & watch expenditure by region 2010–2015 55
Table 13: Y-o-Y change in jewelry & watch expenditure by sub sector 2010–2015 55
Table 14: Jewelry & watch expenditure by market segment 2010–2015 56
Table 15: Jewelry brands global market shares 2005-2010e 59
Table 16: Jewelry and watch brands key operating statistics years ending 2009/10 61
Table 17: Jewelry and watch brands key operating statistics in US$ years ending 2009/10 61
Table 18: Bulgari company overview 2010 64
Table 19: Bulgari trading record 2005-2010e 69
Table 20: Bulgari trading record in US$ 2005-2010e 69
Table 21: Bulgari benchmarks, year to December 2008 and 2009 71
Table 22: Bulgari stores 2005-2010e 71
Table 23: Damas International company overview 2010 74
Table 24: Damas International trading record 2005-2010e 77
Table 25: Damas International trading record 2005-2010 in US$ 77
Table 26: Damas International benchmarks, year to March 2009e and 2010e 78
Table 27: Damas International stores 2005-2010e 79
Table 28: Damas International store locations Dec 2007 80
Table 29: Gitanjali company overview 2010 82
Table 30: Gitanjali Group trading record 2005-2010 85
Table 31: Gitanjali Group trading record in US$ 2005-2010 85
Table 32: Gitanjali Gems trading record 2005-2010 86
Table 33: Gitanjali Gems trading record in US$ 2005-2010 86
Table 34: Gitanjali benchmarks, year to March 2009 and 2010 87
Table 35: Gitanjali benchmarks, year to March 2009 and 2010 88
Table 36: LVMH Group company overview 2010 90
Table 37: LVMH trading record 2005-2010e 94
Table 38: LVMH trading record in US$ 2005-2010 94
Table 39: LVMH watches and jewelry trading record 2005-2010e 95
Table 40: LVMH watches and jewelry trading record in US$ 2005-2010e 95
Table 41: LVMH benchmarks, year to March 2009 and 2010 97
Table 42: LVMH retail stores 2005-2010e 99
Table 43: Richemont company overview 2010 101
Table 44: Richemont trading record 2005-2010 105
Table 45: Richemont trading record in US$ 2005-2010 105
Table 46: Richemont jewelry and watch maisons trading record 2005-10 106
Table 47: Richemont benchmarks, year to March 2009 & 2010 108
Table 48: Richemont brands number of retail stores 2005-2010 108
Table 49: Richemont stores, March 2009 & 2010 109
Table 50: Signet Group company overview 2010 112
Table 51: Signet Group trading record 2005-2010 115
Table 52: Signet divisional trading 2005-2010 116
Table 53: Signet Group benchmarks, years to January 2009 and 2010 119
Table 54: Signet Group retail stores 2005-2010e 119
Table 55: Signet US stores 2008-2010 121
Table 56: Signet UK stores 2008-2010 122
Table 57: Swatch Group company overview 2010 125
Table 58: Swatch Group trading record 2005-2010e 130
Table 59: Swatch Group trading record in US$ 2005-2010e 130
Table 60: Swatch Group watches & jewelry trading record 2005-2010e 131
Table 61: Swatch Group watches & jewelry trading record in US$ 2005-2010e 131
Table 62: Swatch Group benchmarks, year to March 2009 & 2010 132
Table 63: Tiffany & Co company overview 2010 137
Table 64: Tiffany & Co trading record 2005-2010 140
Table 65: Tiffany benchmarks, years to January 2009 and 2010 142
Table 66: Tiffany store portfolio 2005-2010e 143
Table 67: Tsutsumi company overview 2010 145
Table 68: Tsutsumi trading record 2005-2010 147
Table 69: Tsutsumi trading record in US$ 2005-2010 147
Table 70: Tsutsumi benchmarks, year to March 2009 & 2010 148
Table 71: Zale Corporation company overview 2010 150
Table 72: Zale Corporation trading record 2005-2010e 153
Table 73: Zale Corporation benchmarks, years to July 2008 and 2009 154
Table 74: Zale Corporation store portfolio 2005-2010 154
Table 75: Zale Corporation store formats 2007-2009 155
Table 76: Smaller jewelry and watches retailers, wholesalers and designers 159
To order this report:
Retail Industry: Global Jewelry Retailing: Market Size, Retailer Strategies and Competitor Performance
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