<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56854788c08a80e3098b5aec-1186-890/screen%20shot%202015-12-31%20at%2010.18.49%20am.png" alt="Cartier Love Bracelet" data-mce-source="Instagram/Cartier" data-link="https://www.instagram.com/p/zFakLNSwDe/"><p class="source"><span><a href="https://www.instagram.com/p/zFakLNSwDe/">Instagram/Cartier</a></span></p></img></div><p></p></div></div>The <a href="http://www.cartier.us/en-us/collections/jewelry/collections/love/bracelets.html" target="_blank">Cartier Love bracelet</a> is having a major resurgence, in part fueled by one of the most divisive celebrities around.<p>In 2013, the <a href="http://www.huffingtonpost.com/2013/10/16/kylie-jenner-cartier-love_n_4109674.html" target="_blank">Huffington Post</a> pointed out that Kylie Jenner - then just 16- was wearing roughly $40,000 worth of the iconic bracelets.</p><p>In 2014, <a href="http://www.mtv.com/news/1991934/kylie-jenner-cartier-bracelets-college-education/" target="_blank">MTV </a>said that she was "casually [wearing] the price of a college education on her arm."</p><p>As expected with anything with the name "Cartier" attached to it, the bracelets are pricey. &#xa0;The cheapest ones are pink&#xa0;or yellow&#xa0;gold, and run for $1,630 - &#xa0;but those aren't even the iconic bracelets. Those have a simple clasp that permit the wearer to take them off.</p><p><div><iframe src="//instagram.com/p/yw5yrVywDN/embed/" width="658" height="auto" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></p><p class="embed-spacer">The iconic bracelet has two halves and comes with its own mini screwdriver, making it difficult to remove without the help of another (and the screwdriver).</p><p>The cheapest versions of that bracelet are&#xa0;pink or yellow gold and cost a steep&#xa0;$4,500. The yellow gold bracelet with a diamond is $5300. With more diamonds, the bracelets (expectedly) get increasingly expensive; a pink gold bracelet with pink diamonds starts at $40,400.</p><p><div><iframe src="//instagram.com/p/YGsf4wnGl2/embed/" width="658" height="auto" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></p><p class="embed-spacer">According to luxury reselling site&#xa0;<a href="http://realstyle.therealreal.com/cartier-love-bracelet-history/" target="_blank">The Real Real</a>, the bracelet was created in 1969 by designer Aldo Cipullo. The screwdriver component was crucial to the bracelet's meaning.</p><p><span>"Love," Cipullo said, according to The Real Real, "has become too commercial, yet life without love is nothing - a fat zero. What modern people want are love symbols that look semi-permanent - or, at least, require a trick to remove. After all, love symbols should suggest an everlasting quality."</span></p><p><span>And now that Kylie Jenner has skyrocketed from&#xa0;a supporting character in the world of the Kardashians to her own full-fledged star, consumers are more privy than ever to what she wears. (Although, according to recent photos, it appears she doesn't wear the bracelets by the bundle every day.)</span></p><p><span>Other celebrities have worn the bracelets;<a href="http://www.townandcountrymag.com/style/jewelry-and-watches/news/a3696/tc-history-lesson-the-cartier-love-bracelet/" target="_blank"> Town &amp; Country</a> checked&#xa0;off a star-studded list with names ranging from the iconic Elizabeth Taylor to Naomi Watts.</span></p><p><span><div><iframe src="//instagram.com/p/49QEjGSwLe/embed/" width="658" height="auto" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></span></p><p class="embed-spacer"><span>Unsurprisingly, this has benefited Cartier to some extent.</span></p><p><span>Cartier was&#xa0;<a href="http://www.businessinsider.com/goldman-sachs-coolest-teen-retail-brands-2015-11" target="_blank">the #19 brand </a>for cool "It Girls" age 13-29, according to a study executed by Goldman Sachs and Teen Vogue.</span></p><p><span>According to <a href="http://realstyle.therealreal.com/2015s-top-luxury-resale-trends-they-might-surprise-you/" target="_blank">The Real Real</a>, it was one of the top five resold brands that shoppers purchased on the site in 2015. A representative from The Real Real informed Business Insider that the site sells between ten and twenty bracelets a month, and they sell within minutes after they're posted.</span></p><p><span><div><iframe src="//instagram.com/p/w6lcsnywKi/embed/" width="658" height="auto" frameborder="0" scrolling="no" allowtransparency="true"></iframe></div></span></p><p class="embed-spacer">In the six months ending in September 2015, Cartier's&#xa0;parent company Richemont's sales were&#xa0;<a href="https://www.richemont.com/images/investor_relations/results/interim_results/2016/company_announcement_06112015_en_df9ij48dj3s.pdf" target="_blank">up 15%</a>, and&#xa0;jewelry sales were up 18%, even though analysts were underwhelmed&#xa0;with the results and concerned about the state of the luxury category, according to <a href="http://www.wsj.com/articles/richemont-posts-rise-in-first-half-profit-1446794624?cb=logged0.005463016219437122" target="_blank">The Wall Street Journal</a>.</p><p>"<span>Richemont's results confirm a difficult demand environment for luxury goods, and a likely low key end to a soft 2015 for the industry," Exane BNP Paribas analyst Luca Solca said to The Wall Street Journal in November.</span></p><p>But jewelry has remained Cartier's - and therefore, Richemont's - strong point.</p><p><span>On a <a href="http://seekingalpha.com/article/3662886-compagnie-financiere-richemonts-cfruy-on-q2-2016-results-earnings-call-transcript?page=3" target="_blank">recent earnings call</a>, Richemont's Head of Investor Relations,&#xa0;Sophie Cagnard, said Cartier&#xa0;"<span>continued to record very strong jewelry sales, driven by the Etourdissant high jewelry collection who generated substantial sales within months of its launch. A second high jewelry event recently took place to display the rest of its collection and the results are, again, promising. Jewelry sales also enjoyed strong momentum sustained by the new Amulette, Juste en Clou, LOVE and Panthere collection."</span></span></p><p><span>"<span>Jewelry is growing regionally everywhere, at all price points," Chief Financial Officer Gary Saage said, via <a href="http://www.wsj.com/articles/richemont-posts-rise-in-first-half-profit-1446794624?cb=logged0.005463016219437122" target="_blank">The Wall Street Journal</a>. "Jewelry is probably more dynamic than watches."</span></span></p><p><span><span>"</span></span>The creativity and the sensibility of the products for both Van Cleef and Cartier is extraordinary. And as we've said in the past, the jewelry business is an event business; it's fabulous. Men like to give jewelry and women like to receive it. So we're in a good place with that. And we have exceptional teams," Saage said on an <a href="http://seekingalpha.com/article/3662886-compagnie-financiere-richemonts-cfruy-on-q2-2016-results-earnings-call-transcript?page=7&amp;p=qanda&amp;l=last" target="_blank">earnings call</a>&#xa0;in November.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/mens-how-to-guide-wearing-jewelry-at-office-2015-5">These are the only types of jewelry men can get away with at the office</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o3cXVhdTokeEUbTb5D7z5hj9pdxU_dHF" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'o3cXVhdTokeEUbTb5D7z5hj9pdxU_dHF',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

This $5000 bracelet that has been around for decades is the new millennial status symbol

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56996208e6183e23008b9e63-1516-1137/dg1.jpg" alt="del gatto diamond" data-mce-source="Courtesy of Del Gatto" /><p class="source"><span>Courtesy of Del Gatto</span></p></div><p></p></div></div>It happens all the time: the engagement falls through. The wedding is called off. The fiancés part ways. Love can be fleeting.</p><p>Diamonds, though, are forever. So what happens to a leftover engagement ring?</p><p>Some might try to return the gem to the store. Others will look to traditional pawn shops or diamond resellers, where they'll often receive a fraction of the sums they shelled out for the investment piece - generally only about 30 to40%.</p><p>Enter Chris Del Gatto.</p><p>Del Gatto is a jewelry expert: he's worked on all sides of the diamond and fine jewelry markets over the past three decades, studying at the Gemological Institute of America and developing an expertise in appraisal and resale.</p><p>He realized that the public was not being treated well when it came to the reselling of gems.</p><p>"The secondhand [jewelry] market was the Wild West," he told Business Insider.</p><p>In some ways, it still is. The market is<span class="s1"> dominated by the interests of buyers, who are primarily seeking to purchase at the lowest price. That means individual sellers tend to receive fairly low offers, and don't necessarily have the resources to understand the value of what they're selling, what comparable products are going for, or how to find the best deals. </span></p><p><span class="s1">In other words, the seller has been at an unfair disadvantage.</span></p><p>Del Gatto, for his part, is endeavoring to create a new experience for those looking to offload their estate jewelry, gems, and fine watches by building a luxury brand on the secondhand buy-side.</p><p>To do this, he's launched an all-encompassing jewelry buying service named <a href="http://del-gatto.com/">DEL GATTO</a>. It's what he calls a "complete solution." And with <a href="http://www.businessinsider.com/reselling-clothes-is-hot-in-the-tech-world-2015-10">secondhand retail marketplaces</a> like eBay, Poshmark, The RealReal, and ThredUp flush with inventory and customers, it's no wonder DEL GATTO - which launched late last year - has gained momentum, currently growing at 45% annually and completing up to 200 fine jewelry and diamond transactions a month.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5699626de6183eee168b9c61-2016-1008/dg4.jpg" alt="del gatto bracelet" data-mce-source="Courtesy of Del Gatto" /><p class="source"><span>Courtesy of Del Gatto</span></p></div><p></p></div></div>Here's how it works: when you're ready to part with a piece, you can send in a photo via text or email. The DEL GATTO gemologists will return an estimate within 24 hours.</p><p>Your choice: list the piece on their marketplace, or sell directly to them for an up-front payment, like a traditional reseller. </p><p>If you go the route of the marketplace - cheekily called <a href="https://www.idonowidont.com/">I Do Now I Don't</a> - your item will, on average, sell within 10 to 14 days. As the company is taking a 15% commission of the final sale, instead of trying to buy from you directly at a discount, you're more likely to recoup a higher value on your jewel.</p><p>When you're offloading to a traditional resale buyer, you might be able to come away with around a third of your purchase price. But with the marketplace, Del Gatto says, that return can increase to between 60 and 75%.</p><p>And when you're talking pieces that you shelled out tens of thousands of dollars for, it's a serious difference - and a win-win for both the seller and the buyer.</p><p>The response to the marketplace option has been, in his words, "overwhelming." They just sold a 5-carat pear-shaped diamond for $50,000, and a 10-carat square cut for $106,000, all transactions conducted through the online marketplace, which builds in security features to ensure safe exchanges.</p><p>They're seeing all kinds of customers, too, including a strong 25- to 35-year-old base getting in on the reselling game.</p><p>If you're buying an investment piece now that you might want to offload later - especially something name-brand, like Cartier or Van Cleef &amp; Arpels - keep the box, as well as any verification papers or receipts. Having the original packaging will give the item a serious resale boost, Del Gatto said. </p><p>And if you're looking to sell, start by being informed. When it comes to appraisal, you should trust experts who have experience from the Gemological Institute of America or the American Gem Society, and check the Better Business Bureau for ratings. </p><p>Whether you're looking to cash in on a love gone awry or want to part ways with an old-fashioned heirloom, DEL GATTO might be a good place to start. They'll take anything of value - usually $1,000 and above, although you can find items listed for as low as $65 on the site. </p><p>Because diamonds may be a girl's best friend, but cold, hard cash can be very friendly, too.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/diamond-real-fake-cubic-zirconia-appraisal-2015-10">How to tell if a diamond is real or fake </a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Rmc2xjaTq5IXE2XD35rT33SkPLPSYlD6" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'Rmc2xjaTq5IXE2XD35rT33SkPLPSYlD6',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

A diamond expert wants to make it easier to get a good price for your luxury watches and jewelry online

<img class="gwt-Image" src="/photo/39682491.cms" /><br /> Recently, there seems to be a new wave of hope for a kick in the foreign direct investment (FDI) in single-brand retail space, with the government considering the scrapping of compulsory 30% <keyword id="2459072" type="UNKNOWN" weightage="100" keywordseo="Domestic-Sourcing-Clause">domestic sourcing clause</keyword>. The <keyword id="6423836" type="ORGANIZATION" weightage="100" keywordseo="Department-of-Industrial-Policy-and-Promotion">Department of Industrial Policy and Promotion</keyword> (DIPP), under the Commerce Ministry, is reviewing this restrictive clause, which is a major bottleneck. If implemented, the move promises to open up a plethora of opportunities for global players to boost expansions in areas such as clothing, electronics and luxury goods.<br />
<br />
<strong>Sourcing clause takes away the authenticity of the brand</strong><br /> Till now, this clause has played deterrent to the interests of foreign brands as it makes it imperative for the single-brand retailers to compulsorily source at least 30% of the value of the goods sold in India from Indian <keyword id="2459073" type="UNKNOWN" weightage="100" keywordseo="small-scale-manufacturers">small scale manufacturers</keyword> (SMEs) and/or village and cottage industries, artisans and craftsmen. However, these businesses have created a unique brand promise and imagery based on the quality of their products, and often, they are not able to meet the same quality standards with local sourcing.<br />
<br />
In addition, these players comply with strong process orientation and follow uniform business strategies along with having global supply chain. Hence, it becomes difficult to source local vendors, as that means losing out on the authenticity of the brand. Thus, if the government scraps the sourcing clause completely, it can really make it a lot easier for these foreign brands to ensure their quality as well as credibility.<br />
<br />
<strong>Smoother implementation </strong><br />
Moreover, this 30% sourcing clause also creates implementation hurdles for foreign brands. At the moment, there is no strict supervision over product and inventory with local manufacturers and vendors on whether this norm is actually complied by companies or not. This poses a bigger threat for these companies as, if after five years, the government wants to verify the compliance, there may not be enough evidence to prove anything and that could lead to a risk of them facing a non-compliance situation, which may or may not be true. With this ceiling of 30% local sourcing gone, it will mean smoother implementation and function for the single-retail companies, which in turn, will encourage them to expand and grow faster in the country.<br />
<br />
<strong>More beneficial for luxury brands</strong><br />
The changing consumer demographics and exposure to international brands have attracted the interest of premium and luxury players to open stores in India. For instance, luxury group Richemont, whose stable of brands includes Cartier, Van Cleef and Arpels, is willing to enter the single-brand retail space. If the clause is done away with, it will be a favourable move for such brands as SME sourcing for high end labels will remain a challenge.<br />
<br />
Moreover, as these brands make only a few thousands of pieces and also change product lines quite often, it is a herculean task to comply with the local sourcing prerequisite with such small amounts of product. Scrapping this rule will mean easier operation for luxury and premium brands like Gucci, LMVH, Cartier, etc and thus, make them more inclined to expand and invest in the country’s retail space.<br />
 <br />
<strong>Encourage the shy companies</strong><br />
Due to this local sourcing ceiling, the single-brand retail model becomes too complex, causing many companies like Apple and H&amp;M to shy off from investing in the country. If this hurdle is removed, these and many more companies will be inclined to invest more, which means increased FDI inflow for the retail space.<br />
<br />
The sourcing condition was also being seen as impacting investments by technology companies as any overseas company looking to own more than 51% of a single-brand retailing venture would have to comply with the norm. The move will also allow companies such as Apple to open stores.<br />
<br />
Analysts believe that a more favourable environment for high-end labels will see a tremendous spurt in the economy. Over Rs 300 crore has been invested in the retail space from foreign investment over the last two year period. This has resulted in more jobs which is a key growth driver, especially in a slowing economy.<br />
<br />
Clearly, scrapping this 30% sourcing rule will mean a lot for the Indian retail space and also the overall economy in general. Thus, from pure industry viewpoint, this might prove to be a complete game changer for the Indian retail industry.<br />
<br />
The previous government allowed 100% FDI in single-brand retail in 2011 with mandatory 30% sourcing from small and medium enterprises.<br />


FDI
In Retail To Get A Boost As Govt Mulls Scrapping Domestic Sourcing Clause

<p><div class="image-container float_right" style="width:400px"><div class="image"><img src="http://static1.businessinsider.com/image/518abd9fecad04f017000000-669-501/handsome-man-wearing-a-watch.jpg?maxX=400" border="0" alt="handsome man wearing a watch" width="400" /></div><p class="source">Shutterstock</p></div><span></span>Hey Apple head honchos, we don't care about smart <keyword id="22670" type="PERSON" weightage="60" keywordseo="watches">watches</keyword>, so don't even bother trying. </p>
<p><span>Watches have been around for over 500 years, surviving wars and tech revolutions. We may have advanced past the technology of the classic mechanical wrist watch, but we're far from trading our OMEGAs for Apples.</span></p>
<p>It doesn't matter that Google, Apple, and Samsung are all rumored to be <a href="http://www.businessinsider.com/google-also-working-on-rival-to-apples-iwatch-2013-3" target="_blank">patenting smart watches</a> that could theoretically threaten the <keyword id="6363239" type="ORGANIZATION" weightage="60" keywordseo="luxury">luxury</keyword> watch market.</p>
<p>Brands like A. Lange &amp; Söhne, Piaget, Harry Winston and Rolex <a href="http://www.businessinsider.com/luxury-watch-sales-have-hit-record-highs-despite-the-downturn-2013-1" target="_blank">all continue to excel</a>  and are showing no signs of slowing down despite the potential added competition of the tech giants. </p>
<p>Watch brands understand, along with watch lovers, that strong sales and consumer demand will continue even if smart watches and new technology flood the watch market. </p>
<p><span style="font-size: 15px; line-height: 1.5em;">Here's why the classic wrist watch will never die.</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;"></span><strong style="font-size: 15px; line-height: 1.5em;">The Bond effect</strong></p>
<p>Since soldiers were first given "<a href="http://www.qualitytyme.net/pages/rolex_articles/history_of_wristwatch.html" target="_blank">Trench Watches</a>" during WWI, the mechanical wrist watch has evolved into a major luxury market.</p>
<p>Big brands like Rolex, Cartier, Harry Winston, and A. Lange &amp; Söhne are sought out because of the quality of the product, but also because the brand name has a history which suggests affluence, good taste, and a cultured past.</p>
<p>“Rolex in the United States is first and foremost a status symbol. Many people want a Rolex for what it says about them rather than for the product itself,” explained Ariel Adams, Editor-In-Chief of <a href="http://www.ablogtowatch.com/" target="_blank">aBlogtoRead.com</a> and <a href="http://www.worldwatchreport.com/" target="_blank">WorldWatchReport</a> contributor. "And these people want to buy this status for the cheapest price possible."</p>
<p>Apart from history and brand recognition, pop culture is a huge factor in a watch's status. It's not uncommon for major brands to secure celebrity endorsements to attract consumers.</p>
<p><div class="image-container float_left" style="width:400px"><div class="image"><img src="http://static5.businessinsider.com/image/518ab7fc6bb3f78708000000-576-432/james-bond-wearing-an-omega-watch.jpg" border="0" alt="James bond wearing an Omega Watch" width="400" /></div><p class="source"><a href="http://www.omegawatches.com/spirit/jamesbond/omega-and-bond">OMEGA</a></p><p class="caption">James Bond wearing an OMEGA Seamaster watch.</p></div>For instance, there was a 45% increase in consumer interest on WorldWatchReport for the <a href="http://www.omegawatches.com/spirit/jamesbond" target="_blank">OMEGA Seamaster collection</a> after the James Bond movie "Skyfall," according to <a href="http://www.digital-luxury.com/" target="_blank">Digital Luxury Group</a>. Men scrambled to buy the watch 007 wore not only because the Seamaster was a high-quality product, but because it symbolized an aspirational lifestyle.</p>
<p>"Brands make heavy investments in securing the right 'Brand Ambassadors' and event sponsorship," explained Laetitia Hirschy, a <a href="http://www.worldwatchreport.com/" target="_blank">WorldWatchReport</a> Project Manager at Digital Luxury Group. "It's to help ensure a maximum of visibility and aspiration from current and potential consumers who 'look up' to these celebrities and associate them to the watch brand they are wearing."</p>
<p>And it's not just Hollywood. Thanks to brand ambassadors like Michael Phelps during the 2012 Olympic Games, watch searches skyrocketed on WorldWatchReport.</p>
<p><strong>Replace an iPhone, but not a watch</strong></p>
<p>Mechanical watches have remained popular through the digital age because of their craftsmanship and superior quality.</p>
<p>"We're all extremely attached to our cameras, our phones, our computers, our iPads, and I think there's something charming about owning something analogue," Stephen Puvirent, associate editor of the online watch publication <a href="http://www.hodinkee.com/" target="_blank">HODINKEE</a>, told us. "I'm going to replace my iPhone sometime in the next few years. But a really high-quality watch I can wear and enjoy on a daily basis."</p>
<p><div class="image-container float_right" style="width:400px"><div class="image"><img src="http://static2.businessinsider.com/image/518aba096bb3f7f20a000004-1517-1137/lincoln-watch.png" border="0" alt="lincoln watch" width="400" /></div><p class="source">Sony / Columbia Pictures screencap</p><p class="caption">The interior of Abraham Lincoln's pocket watch.</p></div>Watch buyers accept that they're paying tens of thousands of dollars for what went into making their watch because they expect it to last.</p>
<p>It takes master watchmakers months and sometimes years to create the elaborate interior mechanisms that make mechanical collectors' watches so special, such as a split-second chronograph (two second hands to time different events) and perpetual calendars (which are designed to display the correct date on any given day in the future).</p>
<p>"For our collectors, it's something that they admire as a collectible, they see these pieces as art," A. Lange &amp; Söhne PR Manager Alexander Haxton told us. </p>
<p>Because watches are of such high-quality, the market for vintage watches has also remained strong. "These things come to you with a story," Pulvirent said. "You may get a vintage diving watch from the 1970s that was actually on the wrist of a professional diver for 20 years by the time it gets to you. I think in our current society, watches offer a unique opportunity to be a part of an extremely long life span of a beautiful object."</p>
<p><strong>Watches span generations</strong></p>
<p>Never underestimate the power of history and nostalgia. </p>
<p><span>Watch brands recognize that even if people aren't necessarily wearing watches to tell time, the watch can still be a symbol of something more personal.</span></p>
<p>"I can give my watch to my children and they can give it to one of their children," Pulvirent said. "It's something that works in perpetuity since watches aren't something that needs to be changed constantly."</p>
<p><div class="image-container float_left" style="width:400px"><div class="image"><img src="http://static5.businessinsider.com/image/518abf216bb3f70716000000-524-393/askmen-best-watches-2013-5.jpg" border="0" alt="askmen best watches 2013" width="400" /></div><p class="source"><a href="http://www.askmen.com/fashion/galleries/sihh-the-best-new-watches-of-2013-12.html">James Bassil</a></p><p class="caption">Van Cleef &amp; Arpels has made watches since 1906.</p></div>Because it's so common to pass watches down from generation to generation, brands have integrated this into their marketing: Patek Philippe's motto is, “You never actually own a Patek Philippe. You merely take care of it for the next generation.”</p>
<p><span>Haxton explains, </span>"For the people who are buying our watches, it's a collector's item, something they'll be passing down." </p>
<p><strong>Part of our national social consciousness</strong></p>
<p><span style="font-size: 15px; line-height: 1.5em;">For some people, wearing a watch is a habit they've retained since they were children with their first Mickey Mouse watch. For others, it's a memory of a special graduation or wedding present.</span></p>
<p>"I don't wear my watch to tell time, I wear it because my wife's father gave it to me as a wedding gift," <a href="http://www.businessinsider.com/author/chris-c-anderson">Business Insider Senior Editor Chris C. Anderson</a> said. "It's my way of showing respect to him. I'm a non-watch person who wears a watch."</p>
<p>And despite new technology, the luxury watch industry is still going strong.</p>
<p>"I don't think the watch industry is going anywhere," Haxton agreed. "There's a lot of newer technology like Apple's smart watch, and of course, everyone has their cellphones. But people are still appreciating watches and have been for awhile, including the younger generations."</p>
<p>The classic wrist watch isn't going anywhere. </p>

DEAR APPLE: We Don't Want A Smart Watch Because The Classic Wrist Watch Will Never Die

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/54b5aaeeecad04fd073df32f-451-358/screen shot 2015-01-13 at 6.26.53 pm.png" border="0" alt="china luxury avatar pyramid" style="color: #000000;"><p class="source"><span><a href="http://www.amazon.com/The-Bling-Dynasty-Chinese-Shoppers/dp/1118950291">"The Bling Dynasty"</a></span></p></img></div><p></p></div></div>The New Silk Road is catering to millions of Chinese feeding a new Bling Dynasty. Within this substantial empire, many characters stand out.</p>
<p>Let me introduce you to five of them.</p>
<div class="page" title="Page 11">
<p>Spending time in China and meeting Chinese consumers abroad has shown that some stereotypical luxury consumers do actually exist. Rather than quote real people who may find it uncomfortable or rude, I have decided it was easier to present you with five avatars.These are representatives who embody the thoughts and feelings of luxury consumers coming from very distinct subsets of the Chinese culture.</p>
<p>Here they are. (See Figure I-1.)</p>
<h2>Calvin Li</h2>
<p>Calvin is 26 and is brand obsessed, loves logos and while he's not that affluent, he wants people around him-friends, family, business partners- to know he's succeeded.</p>
<p>He is what the managers of Coach would call a 'status lover', a somewhat disappearing breed of Chinese luxury consumers. He's after brands as he's eager to fit in to what he sees as modern China. </p>
<p>Calvin doesn't speak English and I don't speak Putonghua so every time we've hadto chat, I brought a friend along with me for translation purposes.</p>
<p>Calvin works as a manager in a textile manufacturer. He lives in Jinjiang, a third-tier city, and an hour away from Xiamen, where Calvin goes some evenings for fun.</p>
<p>His favorite brand is Louis Vuitton, but that's way too costly for him so midmarket imported brands like Calvin Klein work well. Three years ago, some Xiamen-based friends made fun of him as he was wearing suit labels outside the cuffs-these were the labels he was supposed to have cut off.</p>
<p>He is part of a few people in his entourage who bought brands that they thought were legit but ended up being interpretations of Western or Hong Kong-based brands: Qiaodan Sports (sued by Michael Jordan for using his Chinese name and a similar logo), Gio Amrami (instead of Giorgio Armani) suits and others.</p>
<h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/54b5aeb96da8110023eca353-1200-858/454488692.jpg" border="0" alt="calvin klein china shoppers luxury"><p class="source"><span>Jonas Gratzer/LightRocket via Getty Images</span></p><p class="caption">Shoppers walk past a Calvin Klein billboard in Hong Kong.</p></img></div><p></p></div></div>Lewis Wang</h2>
<p>Calvin's older cousin-he's 30 now-runs a property business in Xiamen, the city known to some as China's Saint Tropez. He is very rich by local standards. He was smart to begin with and has great business acumen and connections.</p>
<p>His English is not great, and some mistakes he makes are opportunities for us to spend more time talking and laughing and less time understanding each other. But he's a real entertainer and as long as he can get by, he's happy with that.</p>
<p>He seems fearless and clearly is enjoying life to the fullest. He's a loud man, likes a drink-and a few more-but he's a great laugh. Lewis has no inhibitions and when I think of him, it reminds me of Dr Seuss's words: 'Be who you are and say what you feel, because those who mind don't matter, and those who matter don't mind'.</p>
<p>A bit like Calvin, Lewis has 'nouveau riche' habits, loves brands but can actually afford quite high-end kit. Unlike Calvin, he's got a passport-like 4% of Chinese (or more than 50 million in total)-and he can afford to buy a Louis Vuitton bag and has travelled in many Chinese cities. He went to Taipei late 2011, to Hong Kong for the first time last October, to Macau earlier this year and dreams of Milan and Los Angeles for his first 'true overseas' trip.</p>
<p>I write 'true overseas' as Calvin, like most Chinese, considers Taiwan, Hong Kong and Macau part of China.</p>
<p>He's what the press calls Tuhao: tu is dirt; hao is splendor; so the meaning is along the lines of 'parvenu peasant.' Chinese popular culture despises Tuhao and at the same time secretly is envious and jealous of them. Lewis bought the gold iPhone 5s that came out in 2013, the one Apple put out specifically for the Chinese market, known in China as the Tuhao Gold and in the Apple HQ as the Kardashian iPhone.</p>
<h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/54b5afc06bb3f7ef6d092a81-1200-800/rtr37mth-1.jpg" border="0" alt="Louis Vuitton china shopper luxury"><p class="source"><span>REUTERS/ Carlos Barria</span></p><p class="caption">A woman shops at Louis Vuitton in Shanghai.</p></img></div><p></p></div></div>Tiffany Ma</h2>
<p>Tiffany just started her first job in Guangzhou at age 22 in an advertising agency. She's ambitious, graduated from a good school but has limited revenues in this first job. She's never been abroad but would love to go to Seoul or Tokyo as they seem so refined.</p>
<p>Her English is conversational and fine. She recently started taking a few Korean lessons, just because it's cool, and she'd like to figure out what on earth the K-Pop bands she loves so dearly are singing about. She also follows many of the Korean soap operas that air on Chinese TV channels. She's the Chinese equivalent of the Japanese Office Lady (or "OL") and has relatively limited needs, so she has quite a bit of disposable income to purchase brands. She's connected, quite active on Internet forums and blogs and a first-time buyer of imported luxury brands. She won't be spending often but she'll be saving up to buy brands where she gets the sense that she's rewarding herself.</p>
<p>Her wealthier boyfriend-by that I mean he's wealthier than she is; she only has one boyfriend-bought her a Tiffany ring recently, and she was absolutely delighted. Yes, it cost more than a similar ring at a family jeweller but the blue box, the Tiffany guarantee and the discrete yet recognizable design thrilled her.</p>
<p>She is one of the 2 million Weibo followers of Angelica Cheung, the editor in chief of Vogue China and a veritable fashion guru. She likes brands with history and reads about them a lot.</p>
<h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/54b5b26decad0435273df32e-1200-800/112294044.jpg" border="0" alt="china tiffany shanghai"><p class="source"><span>ChinaFotoPress/Getty Images</span></p><p class="caption">Actresses pose at the Tiffany &amp; Co. flagship store in Shanghai.</p></img></div><p></p></div></div>Brittany Chen</h2>
<p>Brittany is Tiffany's aunt though she's just ten years older. She's a marketing director for a fast-moving consumer goods company in Shanghai.</p>
<p>She's Chinese in her style and has a slight, recognizable accent when she speaks in English but if I hadn't met her in Shanghai, I would probably have never guessed she was a local as she could really be from anywhere, sounding as cosmopolitan as she does. Brittany goes to London for business and enjoys relaxing weekends in Taipei. She's planning to go to New Zealand with her husband and daughter soon.</p>
<p>She has known foreign luxury brands for a while and is very knowledgeable. Louis Vuitton doesn't do it for her. She likes more niche-y concepts like Miu Miu and Ce´line but has seen many Italian and French fashion brands and thinks British Burberry or Mulberry or American Tory Burch and Marc Jacobs are great alternative options.</p>
<p>Tiffany and Brittany are at the heart of the Chinese luxury market growth.They are putting pressure on traditional, historical brands as they are very knowledgeable and won't be moved by what most Chinese consumers have an interest in.</p>
<p>They know what they want, they are uncomfortable with brands that seem to cater too much for the Chinese, and they are much more subtle in displaying wealth than Calvin or Lewis.</p>
<h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/54b5b3bc6bb3f71d7c092a81-1200-800/464366877.jpg" border="0" alt="chinese luxury shopper burberry"><p class="source"><span>Kirstin Sinclair/Getty Images</span></p><p class="caption">Fashion editor for Sina.com Yumeng Cheung wears vintage jewellery, Burberry sweater, jacket from a Korean boutique and the bag is from China on day 2 of Paris Haute Couture Fashion Week Spring/Summer 2014, on January 21, 2014 in Paris, France</p></img></div><p></p></div></div>Hermes Zhou</h2>
<p>When I asked him where he was from, Hermes said he was Canadian even though I now know he was born in Beijing. True, he spent more time growing up in Vancouver and studying in the United States and London than in China, where his parents have a place-they are globetrotters too.</p>
<p>He speaks and writes English much better than I do; but hey, what do you expect, I'm French!</p>
<p>He's 34. After working for a leading American consultancy firm, he's now in asset management at a hedge fund, which has offices in Shanghai, Hong Kong and Singapore. For the past three years, he's been based in Hong Kong and is hopeful he can become a partner at the firm.</p>
<p>He buys his girlfriend Saint Laurent bags and Van Cleef &amp; Arpels jewellery and buys himself Herme`s clothes-though he will not go for the too-obvious H-buckle belt-and he always wears a pair of Tod's, at work or on weekends. He's into Italian wine, Japanese whisky, complication watches and Maldives holidays. His consumption profile is that of a very affluent New Yorker, Londoner, Parisian or Tokyoite more than that of other Chinese.</p>
<h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/54b5b5beecad048a3e3df32a-1200-858/74856898.jpg" border="0" alt="china luxury shopper hermes"><p class="source"><span>LIU JIN/AFP/Getty Images</span></p><p class="caption">A woman shops at Hermés in Shanghai.</p></img></div><p></p></div></div>The Middle-Class Kingdom</h2>
<p>Our five avatars are relevant for luxury demand today.</p>
<p>Tomorrow, they will dominate it. (See Figures I.2 and I.3).</p>
<p>Why?</p>
<p>Luxury demand is not just going to increase with consumers trading up. The bulk of the increase in sales should come mechanically from the fact that the number of Chinese nationals able to afford the products will increase dramatically.</p>
<p>Sales to Chinese should broadly triple over the next ten years.This may read like a bullish statement, but it is not if the basic metrics of income creation in China is considered.</p>
<p>In 2015, Chinese should represent about 20% of luxury consumers (or 75 million) and as much as 35% of sales, as their average spending is much higher than that of other nationalities. (See Table I-1.) The table below shows the evolution of luxury sales by nationality over the next ten years. </p>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/54b5abf86da8118316eca355-470-299/screen shot 2015-01-13 at 6.35.51 pm.png" border="0" alt="Screen Shot 2015 01 13 at 6.35.51 PM"><p class="source"><span><a href="http://www.amazon.com/The-Bling-Dynasty-Chinese-Shoppers/dp/1118950291">"The Bling Dynasty"</a></span></p></img></div><p></p></div></div></p>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/54b5ac1769beddb142abc957-427-614/screen shot 2015-01-13 at 6.36.28 pm.png" border="0" alt="Screen Shot 2015 01 13 at 6.36.28 PM"><p class="source"><span><a href="http://www.amazon.com/The-Bling-Dynasty-Chinese-Shoppers/dp/1118950291">"The Bling Dynasty"</a></span></p></img></div><p></p></div></div></p>
<p><em>Text and figures takes from "<a href="http://www.amazon.com/The-Bling-Dynasty-Chinese-Shoppers/dp/1118950291">The Bling Dynasty: Why the Reign of Chinese Luxury Shoppers Has Only Just Begun</a>" by Erwan Rambourg; ISBN: 978-1-118-95029-6. Copyright © 2014 by Erwan Rambourg. Reprinted with permission of Wiley.</em></p>
</div>

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