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A luxury watch brands like Rolex have become so popular that the brand even announced the construction of factories
In studies like “Rapport d’enquête ‘cadre de vie et sécurité’ 2018, victimization, delinquance et sentiment d’insécurité” It has been reported what rate of theft the jewelry registers.
Within the luxury market, Statista Consumer Market Insights estimated that luxury jewelry and watches are the second best-selling category in the segment.
Jewelry or a luxury watch are fundamental in the market, not only in sales within the luxury industry, but also in the security market, now that a platform seeks to convert a huge query database to identify when one of these products was stolen.
In a study titled “Rapport d’enquête ‘cadre de vie et sécurité’ 2018, victimization, delinquance et sentiment d’insécurité” It was identified that the main product that is stolen in home assaults is jewelry, at 43 percent; followed by cash and bank plastics at 27 percent and computer equipment, at 25 percent.
A new platform against theft
Richemont announced the launch of a platform called Enquirus, which will serve as a database for victims of jewelry or luxury watch theft to mark their products as stolen and users interested in buying a product of this type and have doubts about its origin. see if it is about pieces without legal history.
The original experience reminds us of how important these high-cost product options have become for the consumer and also allows us to understand that the greater the access to information, the better control one has in the luxury market.
“This trusted solution brings together multiple stakeholders to serve customers and the entire industry by facilitating borderless cooperation between law enforcement and insurance partners.
By providing free access to customers and industry partners, the opportunity to sell stolen watches becomes more prohibitive, with the ultimate goal of reducing the incentive to steal watches in the first place.” Jerome Lambertexecutive director of Richemont.
The exercise of publishing this platform is an interesting opportunity to be able to have a census of luxury property in the world and based on this, establish better exercises both to measure this industry and to identify which brands have the highest ownership among consumers of luxury.
There are very important references in the market, where they have realized how valuable the luxury consumer has become for these brands and we not only see it with the emergence of platforms like Enquirus, we see it with brand crises like the one Balenciaga suffered and led the famous luxury brand to even appoint a person responsible for verifying the brand’s creative communication, after an advertising campaign that violated minors caused calls to cancel the firm.
These experiences show how important the luxury market has become today with key phenomena in this, such as documenting the number of pieces in the hands of consumers in this exclusive market.
Undoubtedly, precedents have been set for how valuable it has become to understand the consumer and how the data, which can be accumulated through a website of this type, reaches.