The Swiss luxury industry behind China
China’s increasing jewelry sector means that the country surpassed Switzerland as the world’s biggest luxury goods hub in 2021. Check the news The Swiss luxury industry behind China on Switzerland based Lifestyle Magazine- Kenleaks Magazine.
According to Deloitte’s “Global Powers of Luxury Goods” study, China had a 30% share of the luxury market last year, while Switzerland had a 27% share. Switzerland remained the world’s most important place in the report’s most recent edition in 2019.
According to the research, the move was mostly driven by the Asian country’s jewellery market: while the Swiss watch industry remained the primary engine of luxury sales in the Alpine nation, Chinese jewelry businesses such as Chow Tai Fook, Chow Sang Sang, and Chow Tai Seng achieved considerable advances.
The research examines the world’s top 100 luxury corporations, with eight Swiss companies featured, including two in the top ten – watchmakers Richemont and Rolex.
By far the largest luxury corporation in the world is the French conglomerate LVMH, which offers everything from fashion to perfume, cosmetics, and wine.
According to Deloitte, four Swiss companies are among the fastest-growing in the sector: Richard Mille, Breitling, Audemars Piguet, and Rolex.
Check the news The Swiss luxury industry behind China on Switzerland based Lifestyle Magazine- Kenleaks Magazine.