Luxury brands look to subtle designsJan 17th, 2012 | By Eleanor Ward | Category: Featured
These are uncertain times when it comes to the state of, not just the Russian, but the whole world's economy. Income streams that had previously been considered reliable and solid have been shaken and the majority of people have been forced to reign in their spending.
However, there will always be those who still have cash to splash. And why shouldn't they? Not only will their purchases – if carefully considered – bring personal happiness, but such expenditure is also the means by which the economy will return to good health.
But when others are facing hardships, it can be difficult to avoid that niggling feeling of guilt as you glance down at the sparkling diamond jewellery adorning your wrist.
This feeling forms the motivation behind recent decisions taken by many luxury firms to move away from ostentatious designs and towards a more discreet form of class and distinction. Bernard Fornas, chief executive at Cartier, noted that his company is doing just this.
In an interview with Bloomberg, he stated: “Bigger watches are losing a bit of ground today. When you are in crisis periods you show off less and you have shapes that are more discreet and more ergonomic. The feel- guilty factor is very important.”
And luckily for Cartier, this approach appears to be working seeing as, despite the economic climate, the business is performing well. Rene Weber, analyst at Bank Vontobel in Zurich, told the news agency that Cartier's revenue is predicted to grow by around 25 per cent in the fiscal year to the end of March, with around 45 per cent of its revenue expected to come from watches.