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The impact of inflation on luxury watches: Hublot announces price increase

Los relojes de lujo se suman a la extensa lista de productos afectados por la subida de precios en los insumos.Foto: Stefan Wermuth

El reloj Big Bang de Hublot, usado por Usain Bolt y Jay-Z, pronto tendrá un precio aún mayor.

El fabricante de relojes suizo está aumentando los precios de todos sus relojes, dijo el director ejecutivo de Hublot, Ricardo Guadalupe, en una entrevista. El aumento de los costos de las materias primas para el oro y los diamantes dará lugar a aumentos de precios del 3% al 4% en abril o mayo, dijo. Los productos de Hublot se venden en promedio por unos 20.000 francos (21.500 dólares).

"Almost all our suppliers are increasing prices," said Guadalupe, and pointed out that the costs of steel and titanium are also increasing.Diamond suppliers have increased prices between 10% and 15%, she said.

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The Hublot movement shows how even the luxury industry faces inflation amid the increase in raw material prices and supply chain problems caused by the pandemic.At the same time, wealthy consumers who limited their expenses during confinements are now buying high -end products, including Swiss watches, which generates an increase in demand.

"The main problem is the production and supply chain," said Guadalupe, adding that almost all Hublot high -end rival watches are expected to increase prices."We have to do it anyway, and since everyone is doing it, it is acceptable."

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Hablando en una entrevista de Bloomberg Television el mes pasado, el CEO de Dior, Pietro Beccari, dijo que la marca de alta costura tendrá que aumentar los precios para igualar los crecientes costos de insumos, siguiendo los pasos de sus rivales.

"It is true that desirable products have a certain price," said Bernard Arnault, who runs LVMH, owner of Hublot, during Thursday's presentation of the company's annual results.

Respecting consumers

The French billionaire said the group will be "reasonable" and "respect" its customers in price increases.But he acknowledged that some of the group's products have a special attraction, and cited a Nautilus clock model launched by Tiffany with Patek Philippe with 170 pieces.Its retail price of $ 52,635 was widely exceeded when one was sold at a charity auction for more than $ 6.5 million last month.

Chanel has recently been to the price increases of some of his best -selling bags, increases that have far exceeded inflation rates in the last two years.

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The Hublot CEO said a rebound in the demand made 2021 a record of sales.He expects production to increase in a single high digit in 2022.

"Today we have more a production problem than a sales problem," he said.

Hublot watches were reduced between 30% and 40% in 2021 in their boutiques and retailers, according to CEO.

"The last three months have been incredible from the point of view of the total sale," he said.

Swiss watches exports recovered at record levels worth 2021, in the middle of strong sales to the US. And an increase in the demand for watches with a price greater than 5,000 francs.The basic Hublot watches cost about 6,000 francs.

Hublot, who has a commercial relationship with Tennis star Novak Djokovic, said that has not changed after he was forced to abandon Australia and could not compete in the Australian Open because he was not vaccinated.

"At the moment, we support our ambassador," he said.

The company has been in contact with the Serbian athlete after its Australian departure and is waiting for a statement about its future as a player.

"If you can't play anymore, that could be a problem, but let's see," said Guadalupe.

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