How has your company performed in 2017 and what are your expectations in 2018?
Parmigiani Fleurier has performed very well in 2017 with an overall double-digit growth. We aim for the same performance in 2018.
In the current international context, has any particular market performed better and, equally, is there any region or market that underperformed?
In 2017, Switzerland and Italy performed especially well which is a positive outcome, Switzerland being our key market and Italy as a very important indicator in the luxury field.
Are there high-potential markets where you consider you are under-represented?
We consider that we are under-represented in China which represents a huge potential. We have 5 points of sales in China and we hope to increase this figure in 2018.
What is your strategic approach to distribution and retail? Do you operate any mono-brand boutiques? Do you have any plans in this respect?
Parmigiani Fleurier consists of 11 subsidiaries worldwide with 3 mono-brand boutiques overall (Paris, London and Miami) and 200 retail stores. We have a retail based strategy and are planning to keep this last number stable but increase the volume of sales per retailer.
Many international luxury watch brands have been developing smaller collections and also more affordable models. What has been your approach?
We have maintained a stable average pricing for our watches but have adapted our offer in certain families of products to meet the demand in steel timepieces.
To what extend your brands relates to luxury lifestyle? What is the profile of your most loyal consumer?
Our typical customer is wealthy, aged 40+ years and he is a watch aficionado that already possesses a collection of luxury timepieces. He looks for quality and exclusivity in a new purchase and has something of a confident trendsetter – someone not seeking social approval by standing by well-known brands.
International luxury watch companies have recently started dedicated second hand businesses. What is your take?
We don’t have any involvement in second hand businesses, nor do we plan on having.
What are, in your opinion, the most important disruptors in your industry nowadays?
We feel that the message “to own an independent, vertical manufacture” often gets misunderstood nowadays, because many players of the industry imply they have their own on false grounds. Parmigiani Fleurier is one of the few authentic and full watchmaking manufactures in the field and it took us tremendous work and resilience to get there so that we know exactly what kind of investment this represents.
Which are, presently, the most effective marketing tools for your company?
We have launched a 360 degrees marketing strategy with a strong presence online, a new website and a specific strategy for each target (social media, website, print). It has proved a successful strategy so far with very encouraging results.
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