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WatchesAug 12, 2016
Jaeger-LeCoultre opens in Miami, more stores to come
Richemont has expanded its retail presence with the launch of a new Jaeger-LeCoultre store in Miami, and said it plans to open boutiques for the watch brand in Las Vegas, Vancouver and Toronto this spring as well.
The new shop in Miami is one of eight standalone Jaeger-LeCoultre stores in the country. The others are located in Beverly Hills and Costa Mesa, Calif.; Boca Raton and Palm Beach, Fla. and in the Aventura Mall in Miami; Las Vegas in the Encore hotel and New York, which opened earlier this month.
With more 1,000 square feet of space, the new boutique is designed to showcase the top watches from the manufacturer in an area it describes as a “warm, luminous space” that celebrates fashion, art, culture and architecture.
One circular area at the front of the store will be used to present the latest collections from the watchmaker’s various lines, such as Reverso, Rendez-Vous, Master, Geophysic, Duomètre and Deep Sea.
It also will showcase grand complications and high jewelry pieces at the boutique, as well as the Atmos clocks, which don’t need to be wound manually, as the clocks run on energy captured from change in temperature.
The brand also just opened its first New York flagship on Madison Avenue, a 700-square-foot store featuring a wall of watch movements on display on the ground floor in addition to the latest collections. The upper floor of the New York store, meanwhile, is reserved for a watchmaker to handle the maintenance, repairs and other services for its watches.
The branded standalone boutiques come as part of a larger plan from parent company Richemont to put more focus on its own retail stores and less on wholesale, which hasn’t been performing quite as well recently, the company has said.
In its latest financial results, Richemont reported that jewelry sales slipped by 1 percent at constant exchange rates while sales for the company’s specialist watchmakers fell 4 percent. The decline in watch sales was due to “caution” on the part of its wholesale partners, Richemont said, and slower sales at the group’s own stores in Hong Kong and Macau.
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