Article #1
How to enter a new foreign market?
#EnterAMarket #difficulties #USA #Canada #Chaumet #Cartier #Watche&JewelryIndustry
Enter a foreign market with its own barriers, behaviors, history and culture is very difficult. It is natural for a brand to want to go abroad and radiate internationally but sometimes it is not healthy. If you take the example of Chaumet, the brand tries in the 1990s to enter the USA market. It was a very big challenge for the brand and it actually failed. Americans have founded the brand too “French” an “Parisian”. This was the fault of the strategy of Chaumet to highlight the heritage and the history of the house. And that is understandable because: How could American people recognize themself in the image of Josephine a French impress? At the contrary, Cartier which has a more neutral symbol with The Panther, succeed in enter the American market and still have a wonderful flagship on the 5th avenue in New York since 1909. (Louise Prothery, « Cartier historique », L'Express Styles, n° 3257, 4th of December 2013)
economictimes.indiatimes.com, 2017
The fact is that it is easier to project yourself in an animal which is strong, agile and elegant than in an old French empress that you don’t know the history and you just don’t care about it. In order to maintain its growth in the 1990s, Chaumet decides to enter the Asiatic market which become quickly a real success. Quickly, China become the best market in term of turn over following by the Middle East and Europe. To prove its radiate in China, Chaumet organized in 2017 a huge exhibition in the unique Prohibited City in Pekin, a symbol of elegance.
Journalduluxe.fr, 2017
Today, Chaumet really wants to enter USA again. Its strategy to reach this goal is to firstly enter Canada with the wholesaler Birks (big malls present all over the country) and then, if it is a success, go down to the USA... Let's continue the history !
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- Camille
Sources:
Louise Prothery, « Cartier historique », L'Express Styles, n° 3257, 4th of December 2013
https://journalduluxe.fr/chaumet-exposition-cite-interdite-2017/
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Article #2
How luxury builds French soft power
It is a known fact that France is country that is very close to its history, its values and its culture. How is it represented in France? Mainly thanks to the creation of the Comité Colbert. This is a committee created to enlighten France's culture to the rest of the world. This committee was founded by Jean-Jacques Guerlain, representing over 81 fine luxury brands such as: Alain Ducasse, Baccarat, Berluti, Hermès, Guerlain, Givenchy, Rochas, Champagne Perrier-Jouet, Cartier, Dalloyau, Eres, Yves Saint Laurent... These brands are carefully selected to represent France to the rest of the world and come from all types of industry: fashion, beauty, alcohol, hotel, jeweler and so on. Does this prove that France's heritage lies in more than just its wine and croissants? Here France's culture is communicated in terms of international influence. This committee represents France best-kept values through specific brands. We can consider these brands being the 'face' of the French culture, values and identity in the luxury sector. The impact of some of these brands is quite important, it is interesting to note that fashion alone here represented 6% of the world economy. (https://www.ladiplomatie.fr/2017/12/28/soft-power-france-luxe/) Figaro’s article claims that France is the world leader in terms of the most influent country in the world, and in many industries: "for the first time France is at the top of this ranking which lists the most influential countries in terms in particular of "openness, and tolerance". The index also takes into account other factors such as culture, education or gastronomy." On top of being the number one most influent brand in the world in terms of luxury representation, it has developed a tool that is essential to the development of countries soft power: a capacity to influence and persuade. The factors influencing one's soft power is, of course, depending on powerful international image, political network, digital presence and innovation and of course.
- Camille
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article #3
Breguet Investing in Russia
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The Maison Breguet is a well-established company in Europe and in North America but the brand demonstrates a will to become more global. Recently, Breguet opened a brand-new boutique on Moscow’s Red Square. The brand established in a luxurious mall and hope to reinforce its position in Russia. Indeed, despite the dramatic fall of the ruble (Russian currency), and the fact that brands are avoiding investing in this country, Breguet believes in the power of this market. “We are passionate by this market for historical reasons and want to reinforce our positon there” Thierry Esslinger, Breguet’s CEO, said. By “historical reasons” Mr. Esslinger refers to the collaboration between Abraham-Louis Breguet (the founder) and Alexandre the first Tsar of Russia. The brand is really proud of this new acquisition and also communicate about it on social media. Indeed, they post on September 28th a picture on Instagram to announce the opening of the shop.
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- Yannis
Source:
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Pictures:
Instagram: Breguet account: @montresbreguet