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Piaget's Brand and Competitive Analysis - Essay Example
Whenever we talk about the fashion brands, the first name that comes to our mind is "Piaget". Piaget brand is synonymous to the word fashion and has been able to reach new heights since it was first established in Geneva, Switzerland in 1874. Piaget, since its inception has been able to blend creativity, customization with their expertise in watch making and jewelry…
However, the brand decided to expand by diversifying into jewelry making. They increased their expertise in gold by acquiring various gold work-shops throughout Geneva.
1990x-Now: During this period Piaget introduced various top-notch watches such as, Tanagra, Miss Protocole and 600P tourbillon caliber watches. During this period it also expanded by opening up production facilities in other cities of Switzerland. It also celebrated its 130th anniversary in the year 2004. In 2008, it was rated as the sixth largest luxury brand.
As far as the future plans of the company are concerned, it wants to enrich and further master the art of watch making and jewelry manufacturing. It strengthens its faith in providing high-quality luxury items to its customers by increasing their know-how in watches and jewelry. (The Watch Quote, 2009)
As far as the target market of Piaget is concerned, it serves to only a small market. The reason behind serving such a small market is that most of these watches are manually produced and are not produced in bulk so that they do not lose prestige associated with them. As a result, Piaget is content serving a small market, a market which includes rich people and those who can afford the expensive prices that are commanded by Piaget.
Looking at the abov ...