Luxury watchmaker says sales picking up 'nicely'

Jaeger-LeCoultre's sales growth in China has been steady this year after the country optimized its COVID-19 measures, the Swiss luxury watch brand said, with an upswing in business performance, especially during key festivals, fueling its continued investments in the country. Jaeger-LeCoultre said Generation Z, or those born in the mid- and late-1990s and into the 2000s, has become an important consumer group in China. The company said sales performance was positive in China this year, especially during the Chinese Lunar New Year, and May 20 as well as other festive occasions. "China is a very important market and we have invested a lot, and it is giving us a great response. It has been a bigger focus for us and we will continue to invest. Last year was an up-and-down year, but we have come back to normal and the business has picked up nicely," said Catherine Renier, CEO of Jaeger-LeCoultre. "I'm very confident in our industry as a whole, and we will continue to invest in innovation and new products in China. It's going to be a busy year," she said. By 2025, China will become the world's largest luxury goods market and Chinese consumers are likely to make up nearly half of global spending in the sector, a report by consultancy Bain & Co showed. Jaeger-LeCoultre is celebrating its 12th year of partnership with the Shanghai International Film Festival, which will be held between June 9 and June 17.