Flight to luxury behind Panerai’s Dublin opening via IrishTimesBiz
Luxury watch brand Panerai has opened the doors at its new boutique on Chatham Street, Dublin, the first store of its kind in Ireland or the UKGiven the economic backdrop you might be tempted to question the logic behind Dublin jeweller Paul Sheeran’s plans to house several of the world’s most exclusive watch brands just off Grafton Street. This is in the face of high inflation, recession fears, rising interest rates and, crucially, the decline of brick and mortar retail.
Not so, according to Jean-Marc Pontroué. The French native is chief executive of Panerai, one of the brands that will operate a standalone “boutique” at the Hines-owned retail strip on Chatham Street. He is bullish about the Geneva-based watchmaker’s prospects in Dublin, and the luxury goods market generally.
Dublin’s status as one of the fastest growing capitals in the world combined with the ever-more economically-vital tourist industry here are two of the main reasons for his confidence. But there are other more wide-ranging trends supporting Pontroué's and Panerai’s conclusions.– and across the world the rich are, quite literally getting richer. Global financial wealth grew by more than 10.
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