His forecast comes as luxury giants from Swiss watchmakers to fashion brands struggle to lure back Chinese consumers.
The world’s second-largest economy, long a cornerstone for global retailers, is yet to recover from the post-Covid-19 slowdown that has made its once label-obsessed shoppers increasingly frugal.
LVMH’s sales in the region that includes China fell 16% in the third quarter, more than its 14% drop in the previous three months.
Kering warned that its annual profit will fall to its lowest level since 2016 after comparable sales at its biggest label, Gucci, tumbled 25% in the quarter due to the mainland slowdown.
See also: VMH's empty Chinese megastore signals deeper luxury crash
Babin said earlier this year that Bulgari’s focus on the more stable women’s watch market — and the fact that it makes the majority of its own parts like cases, dials and movements — gives it the ability to adjust production and ride out a decline in demand, including in China.
