The watch brand owned by the French LVMH sells watches with an average price of less than 20,000 euros. Now prices have to be raised due to rising raw material prices.
Inflation now also strikes the purses of friends of eco-clocks. Swiss watchmaker Hublot plans to raise prices for its watches this spring, news media reports Bloomberg.
The company’s CEO has said in an interview that the reason is the rise in raw material prices.
Rising gold and diamond prices are impacting the cost of manufacturing luxury goods. Steel and titanium prices have also risen.
According to Bloomberg, the average price of Hublot watches is less than 20,000 euros. Managing director Ricardo Guadalupen according to which prices will be increased by 3 or 4 percent.
“The products you want have a certain price,” said the CEO of LVMH, a manufacturer of luxury products Bernard Arnault last week.
LVMH owns Hublot. Its other well-known brands include champagne manufacturers Moët & Chandon and Mercier, watchmaker Tag Heuer, and fashion brands Louis Vuitton.
Despite the price increase, there will be enough able-bodied customers when the Korona period has reduced consumption opportunities and many wealthy people have money left, Bloomberg describes.
Hublot made record sales last year, and growth is expected this year as well.
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