© Reuters. Richemont launches Balm, a brand of watches entry
ZURICH (Reuters) – The group of swiss luxury Richemont (SIX:CFR) has launched a new brand of watches called Baume, which it is hoped the models, less expensive than usual, will appeal to a young customer base.
The swiss watchmakers have recently seen their sales improve after a prolonged slowdown, but they are struggling to appeal to a generation of young and connected, more accustomed to read the time on her smartphone than on a watch.
The models of this new brand launched on Tuesday, will be exclusively sold online at a starting price of 560 dollars (475 euros) and they will attempt to appeal to young people concerned about the preservation of the environment by not using any expensive material or precious metal. The packaging will be exclusively from paper or cardboard.
The world number two luxury behind LVMH (PA:LVMH) has brand watch such as IWC or Jaeger-LeCoultre, including watches worth several thousands or even tens of thousands of dollars and are primarily sold in traditional shops.
(Silke Koltrowitz; Catherine Mallebay-Vacqueur for French service, edited by Wilfrid Exbrayat) OLFRBUS Reuters France Online Report Business News 20180516T171921+0000