The domestic watch market continues to weaken, and Swiss high-end watches have begun to cut prices to cater to mainland Chinese consumers. Hublot, a high-end watch of the Louis Vuitton Group (LVHM), said that it would implement the same price policy in Hong Kong on February 1 and reduce its price by about 15%.
记者 Beijing Business Daily reporter was informed that the same price in Hublot watches was mainly affected by the China-Switzerland Free Trade Agreement and the reduction of luxury goods tariffs. It is understood that the price of the brand watches ranges from 100,000 to 1 million yuan.
负责 The head of a Swiss watch brand in China believes that Hublot’s cut in the mainland price is its strategy to compete in the mainland market. From the perspective of brand communication, the communication efficiency of such explosive news is much higher than that of brand advertising. Moreover, its market share in the Mainland is not high, and price adjustments will not have a serious impact on its net profit.
A Hublot distributor in mainland China said, ‘I hope this price adjustment can boost sales in the mainland.’ Regarding whether Hublot’s behavior can serve as a vane in the watch industry, Conwell, a watch industry expert, said that it depends on the sales performance of Hublot in the first half of this year in China and Hong Kong.