Francois Henry Bennahmias, CEO Ad Interim of Audemars Piguet told CBS News that the high price of gold is impacting his company, “in a huge way.”
With gold reaching prices that rival the traditionally more expensive platinum, this specifically puts companies working with luxury materials in trouble when it comes to the prices that they can sell their products for.
Bennahmias says the company has been focusing more on “qualitative” concerns as opposed to meeting sales goals during a difficult economic time, most notable in the Asian markets.
When asked how much better AP watches could really get, Bennahmias went on to explain that the quality would be more in terms of distribution, as the company is looking to take back control of some of its distribution. It is narrowing in on where its watches are sold, thinking about whether it should open its own retails stores, but still looking to work with trusted partners.
Bennahmias reported that Audemars Piguet makes roughly 32,000 watches each year, worldwide. “You want to know who your customers are, what they want, and get to know them better,” he said.