By
Bloomberg
Printed
November 16, 2024
LVMH plans to ramp up manufacturing at its Zenith model to produce actions for timepieces throughout the luxurious group’s watch division.
Bloomberg
“We think we can go beyond the brand to develop them as a movement manufacturer for the group,” Frederic Arnault, who heads LVMH’s watch unit, mentioned on Thursday.
The technique to spice up Zenith’s manufacturing of actions — the mechanical coronary heart of a watch — suggests LVMH Moët Hennessy Louis Vuitton SE needs to broaden its Swiss watchmaking capabilities internally relatively than by buying element makers. Identified for its El Primero chronograph, Zenith already makes some actions for LVMH’s Hublot model and has offered them to Tag Heuer prior to now.
The manufacturing of mechanical actions is a essential and expensive element of contemporary industrial watchmaking, and Zenith has a protracted historical past of manufacturing high-end actions. Ramping up manufacturing might present price synergies for LVMH and provides Zenith a path to progress at a time of cooling demand for luxurious watches.
“We have the purpose of becoming an industrial actor for the industry for our brands,” mentioned Arnault, one in all LVMH billionaire founder Bernard Arnault’s 5 youngsters, after an occasion on the firm’s Bulgari facility in Saignelégier, Switzerland.
Frederic, who took on a newly created function operating the watch division in January, mentioned the group didn’t bid on any watchmaking operations put up on the market by the Swiss Sandoz Household Basis. These belongings included motion maker Vaucher Producer Fleurier and the Parmigiani Fleurier model.
“We’re not interested and we didn’t make an offer,” mentioned the 30-year-old Arnault.
Vaucher provides main Swiss manufacturers together with Audemars Piguet and premium fashions of LVMH marques comparable to Tag Heuer.
LVMH rival Hermes Worldwide SCA owns a 25% fairness stake in Vaucher and has a proper of first refusal for any gives to purchase it. LVMH’s lack of curiosity might put Hermes in pole place to accumulate Vaucher and some other watch belongings provided by the Sandoz Household Basis within the sale, which is being run by Deloitte.
A Hermes consultant declined to touch upon the Sandoz belongings. Final month, Chief Monetary Officer Eric du Halgouet informed reporters that the Birkin bag maker was persevering with to observe Vaucher.
LVMH’s jewellery manufacturers Bulgari and Tiffany additionally produce watches, as does the Louis Vuitton model underneath the management of Frederic Arnault’s youthful brother Jean, who not too long ago revived the Daniel Roth and Gerald Genta marques.
LVMH trails rivals Richemont and Swatch Group AG in watch manufacturing and gross sales, in accordance with analyst estimates. Rolex is the most important Swiss watchmaker, producing greater than one million timepieces a yr with gross sales of greater than 10 billion francs ($11.3 billion), in accordance with Morgan Stanley and LuxeConsult.
“It is interesting to see that, despite having a small presence in Swiss made watches, LVMH is investing in movements,” mentioned Bernstein analyst Luca Solca. “It seems a sign that they mean business,” and will step up the watch enterprise at Tiffany, “which is negligible today,” he mentioned.
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