Swiss luxury watch and jewelry brand Piaget will increase prices on all its products by up to 10% starting next month. The move comes as other high-end brands under the Richemont group — including Van Cleef & Arpels and Cartier — have already raised or are preparing to raise prices, adding pressure on consumers.
According to industry sources on the 12th, Piaget will raise prices on its domestic product lines by between 6% and 10% from the 1st of next month. This includes a 6–10% increase on key jewelry items such as the popular “Possession” ring, and up to a 10% increase on watches.
Piaget is one of the leading brands under Switzerland’s Richemont Group, which also owns Van Cleef & Arpels and Cartier. Piaget is pushing a high-end strategy, recently launching the new “Sixthi” jewelry watch and revamping its iconic “Possession” collection for the first time in 13 years.
The price hike follows a similar move by Van Cleef & Arpels, which increased prices on its major products by 5–10% on April 25. The price increase included the Alhambra series, one of the brand’s most popular lines. Cartier is also expected to raise domestic prices by an average of 6% on the 14th of this month. Both brands had already raised prices earlier this year, in January and February.
Industry analysts say Richemont appears to be adjusting prices across its brands due to rising global costs for raw materials, production, and logistics. The price changes are also aligned with policies set by the company’s Swiss headquarters.
Richemont is the second-largest luxury watch and jewelry group globally, after LVMH. From April 2023 to March 2024, Richemont’s revenue rose 3% year-on-year to €20.6 billion. However, its operating profit dropped by 5% to €4.8 billion during the same period.
Other luxury brands outside the Richemont group are also signaling upcoming price changes. French jewelry houses Chaumet and Chanel are expected to slightly increase prices on selected products this month.
Experts note that price adjustments are a regular part of the luxury industry’s strategy. These brands emphasize scarcity and investment value, which makes periodic price hikes common. The months of May and June are often targeted for increases due to higher demand from weddings and the approach of the summer holiday season.
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