Swiss watch maker Jaeger-LeCoultre announced plans to expand to Canada back in August 2015. It announced plans to open a boutique in Toronto and another in Vancouver. The former opened in Toronto last fall, offering a number of collections including the Master (including the Jaeger-LeCoultre Master Ultra Thin Squelette) and the Geophysic as well as the iconic Reverso to name only a few. The second location opened more recently in May. Jaeger-LeCoultre partnered with local retailer Rodeo Jewellers for the store located on Alberni Street in Vancouver, not far from stores from other high-end brands such as Hermès and Tiffany & Co.
“Jaeger-LeCoultre has experienced rapid growth in the United States over the last few years, this is now the right time for us to bring the Manufacture to Canada by opening our first two Boutiques and complete our network of distribution. Vancouver represents a real opportunity for the Brand to radiate on the Pacific Rim and being exposed to a cosmopolitan clientele that aspires to discover and own beautiful objects. This international and cultural diversity is very prominent in Toronto as well and we believe in the growth potential for the luxury industry and for our business in particular,” Jaeger-LeCoultre North America President Philippe Bonay says.
While Swiss watch exports have been dropping (quite sharply in some markets) in recent months, Jaeger-LeCoultre has seen its overall market share double over the last five years. “That doesn’t mean the watch market is up. It means our market share is up,” recognized company CEO Daniel Riedo at the Vancouver boutique opening. Canadian sales have been particularly strong, experiencing three-digit growth over the past year.
There is no word at this point whether other Canadian locations are in the plans.
Jaeger-LeCoultre is part of the Richemont Group.
Sources : HH Journal // Jaeger-Lecoultre