Luxury retailers in European cities outside France are jockeying for business from deep pocketed tourists this summer, betting on a surge in visitors avoiding crowds and street closures in Paris during the Olympic Games. "Paris will probably be slow," with cities like London, Milan or Barcelona likely seeing a lift in traffic during the event, Cartier CEO Cyril Vigneron said on Friday. The Summer Games, which run from July 26 to Aug.
11, are probably "not the right time to organize a very important high jewelry celebration in Paris", said Van Cleef & Arpels CEO Nicolas Bos. "But we will keep the stores open and be very happy to welcome sports amateurs," he added. The executives of the Richemont-owned jewelry brands speak from experience.
The 2012 Olympics, held in London, drove some serious shoppers to their boutiques in Paris, they said, although it was "neutral" overall for their businesses. Expecting a similar trend this year, they will focus on meeting their wealthy customers where they turn up. LVMH, the world's largest luxury group and an Olympic sponsor, is also basing its expectations on its experience during previous events in London and Beijing.
"It's usually quite neutral - although it makes our life a little bit more complicated when it comes to supplying products into our stores," said LVMH Chief Financial Officer Jean Jacques Guiony. According to Reuters, a report commissioned by Paris 2024 last week flagged a possible "crowding out" effect whereby tourists that.