Actress Gong Li helps Swiss luxury with Chinese market

Watches and jewelry of Swiss luxury brand Piaget enjoy growing popularity among Chinese consumers. [Photo provided to China Daily]

"Before, the market in China was much more male-focused. Now it's more balanced. The ladies today are very important. They are buying for themselves."

China's luxury market declined slightly for the first time last year due to the economic slowdown, the central government's crackdown on giving and receiving gifts across government institutions and Chinese consumers buying luxury products overseas to save costs.

While the company's latest financial figures weren't public at the time of publishing this report, Bouillonnec admits that it is a tougher time than before.

"Easy money is not there anymore compared to a few years ago in China. But it's also a super interesting moment. You have to fight to meet your customers."

Bouillonnec says Piaget is also trying to attract people to shop at home by improving in-store experiences and ensuring exclusivity for high-end customers.

As part of its long-term strategy, the brand will keep a limited number of all-operation boutiques and distributions to ensure its exclusivity, he says.