The Guérin Jewelry store continues its development in France by opening 10 new corners in the next 3 months. The highly competitive sector is being pushed around by new players who bring their new touches.
The premium jewellery brand has given a boost to its presence on French territory by multiplying by 6 the number of its corners. Belonging to the Galeries Lafayette group, it is only natural that these corners were installed in Galeries Lafayette de Marseille Prado, Carré Sénart, Lyon Part Dieu, Rennes, Toulouse, Annecy, Bordeaux, Montpellier, Maine Montparnasse and Rosny 2. These 10 new outlets bring to the number of corners within Galeries Lafayette and BHV Marais, 17.
French jewellery shines brightly
Since 2011, the growth rate of the sector has been around 6%. Luxury jewelry was valued at $50 billion in 2011, with 7% growth per year the market, could reach 200 billion dollars in 2018. In France, jewellery production increased by 6% in 2017, reaching 2.2 billion euros in sales. Exports also accounted for nearly 8 billion euros in 2017 and sales in France amounted to 5.6 billion euros with an increase of 1%. The increase in sales in France is mainly due to the increase in foreign tourists in France, who use a part of their spending in the big jewelry stores.
The whimsical jewels and new brands are doing well, supported and shared on social networks. There is a growing trend in the industry to buy jewellery online. This trend is mainly present in a rather young segment of customers, accustomed to this mode of consumption. Luxury jewelry stores were certainly also affected by online sales but less than other sectors, with customers preferring to see and try the jewelry on site and avoid the risk of losses when transporting these precious goods. Online jewellery sales are boosted by sales periods and Black Friday, which has recently arrived in France. Another trend in the sector is that jewellery stores in large shopping centres and large cities are experiencing sales increases each year, while small shopping malls, and small towns are seeing their sales decline.
The luxury sector sees many new players, especially Asian players, take shares at the heart of the luxury market. In 2016, France accounted for a quarter of the world’s luxury market. France’s image as an expert country in the field of luxury was buoyant all over the world, however today, whether in luxury or other sectors, customers are less loyal to brands and have more ease comparing and obtaining more attractive prices and products elsewhere.
Knowing how to innovate is essential in this highly competitive sector, it is another way to find new inspirations to be able to renew itself.