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Reuters
Published
Nov 8, 2010
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LVMH's Hublot eyes record year in 2011

By
Reuters
Published
Nov 8, 2010

(Reuters) - Swiss watchmaker Hublot (LVMH.PA) expects 2011 to be another record year in terms of sales as the strong growth trends seen this year continue, the group's head told Reuters on Thursday.

LVMH, Hublot
Hublot Watches

"Christmas should be fantastic," Chief Executive Jean-Claude Biver said in an interview on the sidelines of the Swiss Innovation Forum. "2010 is going to be the best year of our history," said Biver. "2011 will beat 2010."

Consumers in the United States, Latin America and Europe have been amongst the main drivers behind demand for Hublot watches, which have an average retail price of 22,000 Swiss francs ($22,620), Biver said.

"We don't see this trend weakening," Biver said when asked why he was so confident about 2011. "If we need security, then we will get it from China. We have a reservoir there," he said.

Hublot, which belongs to French luxury group LVMH, is looking to boost its presence in China, which accounts for 0.9 percent of turnover, and will open a boutique in a prime location, next to the Rolex shop, in Beijing this month.

The group is planning to open another 12 boutiques there next year, Biver said.

Sales at LVMH's watches and jewelry unit rose 29 percent in the first nine months of 2010.

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