Bulgari increasing its focus on sales to locals

Bloomberg

Bulgari is increasing its focus on sales to locals in the countries where it operates, particularly in China, as the pandemic wipes out the tourist market, Chief Executive Officer Jean-Christophe Babin said.
The LVMH-owned jeweller is seeing single-digit domestic sales growth in the western world and high double-digit growth in Asian countries, Babin said in an interview in Rome, ahead of the launch of limited series of Aluminium Tricolore watches on behalf of three Italian children’s hospitals.
In addition to China, countries like Korea and Russia are also doing well, he said.
“Online shopping has been growing triple-digit in the last few months,” while tourism has collapsed by the same degree, the CEO said.
“We can expect travel retail to remain sluggish in the quarters to come, therefore our very strong focus on local clients will be intensified.”
China is leading a rebound in luxury sales after largely eradicating the virus. With curbs on international travel, wealthy Chinese consumers are seeking comfort from retail therapy at home.
Bulgari — the Roman brand synonymous with some of the extravagant pieces Elizabeth Taylor wore on the set of Cleopatra — will open five more shops in China in 2021.