In the current downturn, affluent women splurge more easily on a nice piece of jewelry from a well-known and identifiable brand than on an overpriced handbag or dress. Branded jewelry is one of fastest growing categories in the luxury goods market – not only because it’s a popular status symbol, but also because it’s potentially a wise investment and can be passed on from generation to generation. Considering that the luxury watch category is currently in a cyclical downturn, investing in jewelry makes sense. Cartier, owner Richemont, and Watches of Switzerland Group, the UK’s biggest retailer of Rolex and Omega watches, both know that.
That’s why Richemont and Watches of Switzerland Group announced this week that they had acquired jewelry businesses – both of Italian origin. Richemont snapped up the small Milan-based jeweler Vhernier, while Watches of Switzerland Group (WoSG) acquired the U.S. subsidiary of Roberto Coin, an Italian brand that is not particularly well known in Europe but is popular in North America.
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