Piaget opens largest store in Paris
On April 27, Piaget will open a flagship store at the heart of Paris at one of the capital’s most exclusive and legendary addresses: 7 rue de la Paix (2nd arrondissement), where Charles Frederick Worth founded his first house in 1858, giving birth to haute couture. The location, which will neighbor the likes of Cartier, will be added to the label’s other Parisian locations, including a smaller (540 ft²) store at 16 Place Vendôme (2nd arrondissement) and shops-in-shops in department stores.
It will be Piaget’s largest store in the world, at 5,400 ft², with 3,300 ft² set aside for sales space (2,400 ft² on the ground floor and 900 ft² on the second floor), showcasing the two cornerstones of the Richemont-owned label: watches and fine jewelry.
Founded in the small village of La Côte-aux-Fées in the Swiss Canton of Jura, where it continues to maintain a production site, the company has been involved in watchmaking for over 140 years, pioneering and specializing in very fine pieces. It has produced fine jewelry, meanwhile, since the 1960s, with products for both men and women.
The brand, which has risen to greater prominence in recent years in the fine jewelry segment, recorded a turnover of 680 million Swiss francs ($693m/£474m) in 2013, according to estimates by the bank Vontobel.
Expansion of its retail network has been one of the company’s primary strategies. The new Parisian location is the watchmaker and jeweler’s 100th store (two thirds are directly managed, a third is through partnerships). Piaget is also distributed in 400 multibrand stores.
"The goal is to develop a store network on all of the world’s major avenues. We want to have a presence where our clients do the majority of their shopping. With this in mind, we are aiming to strengthen our presence in Europe, while developing a quality worldwide network remains a top priority," the label explained.
The next step will be opening a store in Milan this summer, Piaget’s first monobrand location in Italy. The brand also wants to expand in the US, where it opened a store on Rodeo Drive in Beverly Hills, California and another in Miami’s Design District last year, while also renovating its store on New York City’s 5th Avenue.
With this in mind, the label recently chose American actress Jessica Chastain as its new international brand ambassador.
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