LONDON — Piaget is looking to appeal to a younger, luxury consumer and has set a series of projects in motion aimed at wooing her.
The Richemont-owned jewelry and watch brand is making its online debut on Net-a-porter on April 3 with a new, accessibly priced range.
The launch marks the first time the brand is selling its products outside of its own stores and e-commerce channel.
The new line re-creates the brand’s signature “Possession” range of 18-karat gold and diamond cuffs, rings and earrings, swapping the expensive rocks with ornamental stones, such as lapis lazuli, green malachite and black onyx.
The vibrant stones — chosen to represent different emotions and facets of a woman’s personality — adorn the signature, spherical motifs of classic Possession pieces such as rotating rings, necklaces with circular charms and thin gold cuffs with rounded edges.
Prices range from 990 pounds, or $1,226, to 13,500 pounds, or $16,718.
The Swiss house has also been diversifying the prices of its watches. Last year, it launched a casual men’s watch with an entry-level price, with the aim of targeting Millennial consumers in the U.S.
The watch was promoted by Ryan Reynolds and a global contingency of “game changers” including U.S. actor Michael B. Jordan, British polo player Malcolm Borwick, Swiss novelist Joël Dicker and Chinese actor and singer Hu Ge.
Piaget’s new jewelry offer, and two watch styles from the “Possession” line, are slated to launch on Net-a-porter next month.
“The Net-a-porter client shares many of the same values as Piaget: audacious creativity, elegant style and positive energy,” said Chabi Nouri, Piaget’s new chief executive officer, who is spearheading the house’s shift in strategy.
Net-a-porter has also been evolving its strategies in the hard luxury space, expanding its fine jewelry and watch offer and securing exclusive partnerships with the likes of Tiffany & Co., Pomellato, Buccellati and IWC Schaffhausen.
The online retailer has been steadily increasing the prices of the products on offer, with some of the Buccellati items launched earlier this month costing up to 100,000 pounds, or $121,806 at current exchange.
At the same time it has been introducing a new category of Demi-Fine jewelry of more accessibly priced solid gold and silver pieces, which stand out for their contemporary design and bridge the gap between fashion and fine jewelry.
The new colored stone range from Piaget will fit into Net’s Demi-Fine category, which includes brands such as Catbird NYC, Sarah & Sebastian and WWake.
As Piaget shifts its strategy when it comes to distribution and product, it is also thinking of new ways to market to a younger, digitally savvy consumer.
To launch the new Possession range, the brand has created a digital campaign and video content featuring Olivia Palermo, who has been working with the label since last year. She appears in a series of videos grouped by color to highlight the different attributes of the ornamental stones in the range.
“The story of the film has a romantic, magical feel. I think each woman has their favorite color so we tried to cater to everyone,” Palermo said.
Introducing new, lower-priced products in an effort to appeal to Millennials has been a growing trend among a number of historic jewelry houses.
Earlier this year, Bulgari introduced “Diva,” a line of handbags aimed at Millennials and enlisted Bella Hadid as the face of its accessories collections.
Similarly, Cartier made additions to its Amulette de Cartier collection of interchangeable talisman pendant necklaces, bracelets, rings and earrings with new pieces, made from guilloché gold, snakewood and malachite, to attract a younger buyer at an opening price point of under $2,000 retail.