© Reuters. The Tag Heuerr watch maker factory is visualized in La Chaux-de-Fonds
MONTREAL (Reuters) – The head of luxury group LVMH’s Swiss watchmaking business said on Saturday the business is pushing its TAG Heuer brand name in the Chinese market, as rivals scale back their investments due to weaker demand. “We’re pushing a lot, we’re specifically pushing now, much more than ever since all the brands are disinvesting,” TAG Heuer Chief Executive Jean-Claude Biver said in an interview. “This implies our financial investment now becomes much stronger.” TAG has only very little exposure to China and Hong Kong and its growth this year is mainly from the United States, Britain, Japan and Australia, Biver stated in Montreal, during a business event for the Canadian Grand Prix. Biver stated TAG’s sales grew 20 percent during the first 5 months of 2016, as compared to the same duration in 2015, on higher demand from the 4 nations and for its “smartwatches” that connect to the Internet. While Biver previously anticipated to offer 40,000 to 50,000 of the linked watches, he said he now intends to deliver 60,000 and is dealing with demand for 80,000 watches. Biver stated he still anticipates double-digit sales for the TAG Heuer brand in 2016. “We will try to keep the pace,” he stated. “But the world is so difficult at the minute.” He stated Swiss watch industry sales declined 9 percent during the first five months of 2016 on an annual basis, because of weaker demand from China and other emerging markets. He said the Swiss watch market as a whole has higher exposure to China than TAG does. “For me the most essential thing is that I beat the Swiss watch market,” Biver said. “If I do better than the industry it indicates I gained market share. The more the marketplace is tough, the more vital it is to acquire market share.” Disclaimer: Blend Media would like to remind you that the information consisted of in this website is not always real-time nor precise. All CFDs (stocks, indexes, futures) and Forex costs are not supplied by exchanges however rather by market makers, therefore rates might not be precise and might differ from the actual market value, suggesting costs are indicative and not necessary for trading functions. Therefore Blend Media does n`t bear any obligation for any trading losses you might sustain as a result of using this data. Fusion Media or anybody involved with Blend Media will not accept any liability for loss or damage as an outcome of reliance on the info consisting of data, quotes, charts and buy/sell signals contained within this site. Please be totally informed relating to the threats and costs connected with trading the monetary markets, it is among the riskiest financial investment types possible.