Asia remains an important region for Hublot, the LVMH-owned luxury watch group, though an anti-corruption crackdown in China has reduced demand. Jean-Claude Biver, LVMH Group president of the watches division, considers market consolidation healthy as it creates a good base to build on.
LVMH views Southeast Asia as a priority market with the potential to exceed both Italy and France.
While the Thai market has proven lucrative for Hublot, Indonesia presents an untapped opportunity for the company. Its market is still underdeveloped because of taxes and Indonesians’ preference for buying their luxury goods.
(Source: Bangkok Post)