Meanwhile, a week prior to the release of the FH data, LVMH Chief Financial Officer Jean-Jacques Guiony offered a glimpse of the still difficult situation in the affordable-luxury segment of the U.S. market, where LVMH’s TAG Heuer is the market leader.
“We’re having a tough period with TAG Heuer in the U.S.,” Guiony told financial analysts in a review of the company’s third-quarter results. “We face a very difficult situation for watches in the U.S. with a tough comparison base for TAG Heuer with the launch of the connected watch last year. So, the performance of TAG Heuer in Q3, particularly in the U.S., was a bit tough on top of the comparison base.
“The market in the U.S., particularly if you look at the price range below $3,000, which is the vast majority of what we sell in the U.S., the market is extremely tough. It’s much better above $3,000, but it’s really bad below $3,000.”
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