Chaumet, a jewelry brand owned by LVMH Group, has recently entered Plaza 66 in Shanghai.
The flagship shop of Chaumet is not far from the shop of its rival, Cartier. Thierry Fritsch, global president of Chaumet, humbly told local Chinese media that Cartier is the leader in jewelry industry. Cartier, Tiffany, Bvlgari and Chaumet take 20% of the global market share and the other 80% is taken by other smaller brands. he says Chaumet will work together with Cartier to defend this 20% market share.
In recent years, the global jewelry market has maintained sustained growth and China's jewelry market has grown rapidly. However, China's high-end luxury jewelry market still has great potential.
Cartier entered China in 1990 and now has twenty shops in China; Tiffany entered in 2001 and has four shops; and Bvlgari entered in 2003 and has four shops. In addition, Tiffany signed an agreement with a economic development corporation in Xi'an to start a processing plant there.
Compared with its competitors, Chaumet's entry is obviously a little late. Fritsch explained that it is because of the strategic adjustment of the company in recent years. In 1999, Chaumet was acquired by LVMH Group, and capital and modern management concepts were introduced to this 200-year old jewelry brand. From then on, Chaumet started its globalization.