We had a flagship already, but it was not strong enough. Being present on Fifth Avenue with great visibility was important as a brand statement.
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With mono brands, we can have the full brand experience and develop strong customer relationships. We wanted to invest a lot in our mono-brand stores. How important is this store for the brand?When I joined as CEO, we defined a new retail strategy. A teaser of the interview appeared earlier this week in the Pursuits Watch Club newsletter. Our conversation below has been edited for length and clarity. So far, he says, the strategy has been a success in revenue while LVMH doesn’t release numbers per brand, Arnault cites “double-digit growth” in the past few years, not through selling more watches, but selling more expensive ones. As we’re seeing with other brands under the LVMH umbrella, including Tiffany and Louis Vuitton, he’s moving many the product lines to more expensive price points while cutting out stores and product models that don’t match an elite vision. Arnault joined TAG Heuer in 2017, first in a strategy role, and was elevated to CEO in 2020. The day before the launch, I sat down with Frédéric Arnault, 28, to discuss his strategy for the brand.
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Related: Sign up here to join the Bloomberg Pursuits Watch Club and receive our newsletter with exclusive news, plus invites to events and collector gatherings.The $6,750 watch features teal and orange accents, a 15-minute countdown clock for sailers to use as they await the start of a race, and a chronograph function for timing. There was a lot to celebrate: The new Fifth Avenue boutique is twice the size of the previous one, and the party marked the launch of the Carrera Skipper watch-an homage to one of the brand’s regatta watches from years past. Celebrities including Patrick Dempsey, Kieran Culkin, Natasha Lyonne, Alexandra Daddario and Thomas Doherty turned up for the celebration, which was presided over by Frédéric Arnault, chief executive officer of TAG Heuer, with his father, LVMH CEO Bernard Arnault in the wings. (Bloomberg) - On July 12, Swiss watchmaker TAG Heuer held a grand opening party for its new flagship on Fifth Avenue in Manhattan.
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