{ "docId": "019dd923-5de0-76bd-a16a-5035606772fa", "docSlug": "499423190bd2a1a5", "documentTitle": "The State of Fashion Luxury", "authorId": "McKinsey", "authorName": "McKinsey", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "strategy_consulting", "sourceTypeLabel": "Strategy consulting", "presentationDate": null, "orientation": "landscape", "aspectRatio": 1.333, "pageNumber": 29, "pageCount": 53, "prevPage": 28, "nextPage": 30, "slideType": "case_study", "function": "illustrate_case", "density": "overcrowded", "nDataPoints": 2, "notes": "The slide features a portrait of Benjamin Comar and a narrative summary of the brand's market context and strategic direction.", "elementsJson": [ "headline_text", "paragraph", "headshot" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-5de0-76bd-a16a-5035606772fa/29", "deckHref": "/decks/019dd923-5de0-76bd-a16a-5035606772fa", "deckJsonHref": "/decks/019dd923-5de0-76bd-a16a-5035606772fa.json", "deckAnchorHref": "/decks/019dd923-5de0-76bd-a16a-5035606772fa#slide-29", "components": [ { "bbox": null, "kind": "callout", "text": "The Richemont-owned jewellery and watch brand is enjoying newfound momentum after relaunching its Polo 79 timepiece — part of a broader programme to reactivate the glamour of its jet-set glory days.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-2e34-7719-b4c0-f5297169a069", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.4, "x": 0.55, "y": 0.12 }, "kind": "image", "text": "Portrait of Benjamin Comar", "attrs": null, "subkind": "headshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "97e6d7ef-8815-4114-8533-63db2a0093f2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.36, "y": 0.6 }, "kind": "paragraph", "text": "There were signs of life, though. The US continued to grow and consolidate its position as the industry's engine room, as did Japan, Korea and India. For luxury watchmakers, the challenge is to increase desirability and market share in a shrinking market. Benjamin Comar was appointed chief executive of Richemont-owned watch and jewellery brand Piaget in 2021 after stints at Cartier, Repossi and Chanel. Comar has positioned the 150-year-old Genevan company around what he calls \"extrelegance\" — products that marry extravagance and elegance.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b1671fdf-13d5-4f04-ba28-98af08ce35d5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.67, "y": 0.6 }, "kind": "paragraph", "text": "In February 2024, Piaget reintroduced one of its most iconic designs, the Polo 79 grooved gold sports watch that crystallised the jet-set glamour associated with the brand in the late 1970s. Under its then-leader Yves Piaget (great-grandson of the company's founder), the brand fostered a community of illustrious A-listers including Jacqueline Kennedy Onassis, Elizabeth Taylor, Sophia Loren and Andy Warhol — a \"Piaget Society\" which Comar hopes to recreate today.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b2eb0dcb-0498-4f49-a7ce-3c4da3b91b37", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.05, "y": 0.6 }, "kind": "paragraph", "text": "In 2024, the value of Swiss watch exports slipped after two years of record sales in 2022 and 2023. Brands battled the lingering effects of inflation across key markets, a sustained deterioration in Chinese demand and a challenging geopolitical climate amid conflicts in Ukraine and the Middle East. Volumes also continued to slide: Despite a bump from Swatch and Omega's MoonSwatch (estimated to shift around 1.5 million units a year), the number of Swiss watches exported each year has roughly halved since 2015.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e0e4d67f-dcac-4923-a4af-3bed992bc05d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.45, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "The Richemont-owned jewellery and watch brand is enjoying newfound momentum after relaunching its Polo 79 timepiece — part of a broader programme to reactivate the glamour of its jet-set glory days. CEO Benjamin Comar shares his vision for how Swiss watchmakers can reach new clients and increase their desirability in a challenging market for hard luxury.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e16d3c5d-3a88-4640-8794-71c087f41da9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.05, "y": 0.07 }, "kind": "title", "text": "Piaget: Powering Up Icons", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8c6ea9d7-885d-4206-b2fa-4e32a50c46fe", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Story Moments", "slug": "story-moments", "agent": "Storyteller", "layer": "slide", "matchId": "ee30ecd8-f75b-4293-857a-dea6465e9e4a", "evidence": "In 2024, the value of Swiss watch exports slipped after two years of record sales in 2022 and 2023.", "confidence": 0.5 } ], "frameworks": [], "arcBeats": [ { "to": 31, "from": 26, "beatId": "a85b6a98-cd06-43e0-adb5-44b143e14a59", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The report provides data and examples to support its claims, including market forecasts and case studies.", "position": 2, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }