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Cartier eyes strong growth in Thailand |
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The French jewellery maker Cartier sees Thailand is one of the top five markets in Asia that could enjoy a double-digit growth rate or more this year. ''Asia is doing well with a sustained momentum over the next few years. It is less affected by the sub-prime crisis in the US as the region led by China has a strong local motive to drive its own economy,'' said Nigel Luk, managing director of Cartier Far East. Currently, sales from Asia contribute 40% of global sales for Cartier. Among Asian markets, China is the fastest growing, followed by Hong Kong, while Thailand is very promising with double-digit growth last year. ''We're dealing with affluent customers who still love to spend. Consumer behaviour doesn't change that much even when oil prices are rising,'' he added. Mr. Luk said the Cartier brand was very strong among Thai customers as it had a long history in Thailand. In 1907, the Cartier brothers received a Royal Warrant naming them the Court Jewellers to King Chulalongkorn along with a certificate confirming Cartier as the jeweller to the Crown Prince of Siam in 1908. The story of the Thai king's discernment and love of beauty is one of Cartier's favourites, reflecting the glamour of the opulence of the Thai Royal Court and the honour associated with serving the monarchy of the Kingdom of Siam. Mr. Luk said Cartier would continue to focus on the Thai market and would bring in new products including men collections to attract the men segment. While some luxury brands have seen falling sales as the local economy is sluggish, Cartier says it has done better and has been able to move faster than its competitors.
''We
have our loyal customers and we won't stop doing marketing and promotion
activities to make ourselves attractive. This will create opportunities
for us,'' he said. |
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Bangkok Post, 19.05.2008 |
