【Chengdu, Chi】Buccellati Moves into IFS Prime Ground Floor, Signaling a Hard Luxury Rebound?

The Italian high jewelry and watch brand Buccellati, owned by Richemont, has taken a key step in the Chinese market. Recently, Buccellati announced the relocation of its boutique in Chengdu IFS from the third floor to the prime “golden zone” on the first floor, joining top-tier jewelry brands such as Van Cleef & Arpels, Tiffany & Co., Graff, and Bulgari. Previously, this floor was long dominated by fashion giants like Louis Vuitton, Dior, and Chanel.
It is noteworthy that this move coincides with the departure of Delvaux, a luxury leather goods brand also under Richemont, from the same floor. Delvaux’s retreat reflects that even brands with deep historical heritage need to reposition themselves in line with shifting consumer mindsets amid a trend towards more rational consumption. In contrast, Buccellati, which also boasts a century-old heritage and exquisite craftsmanship, is seeing a further release of its brand value through its unique appeal and precise strategy in the high jewelry segment.

In recent years, the growth of the global luxury market has generally slowed, but performance across segments has diverged significantly. According to Bain’s “2024 Global Luxury Market Study” report, the global personal luxury goods market is projected to decline by 2% year-on-year in 2024, while the high jewelry market has shown strong resilience.
Against this backdrop, Buccellati has demonstrated robust resilience, leveraging its profound brand culture, exceptional craftsmanship value, and product scarcity. In 2024, Buccellati achieved triple-digit sales growth in the Chinese market, becoming a standout player in the hard luxury sector.

Buccellati’s success is inseparable from the strong support of the Richemont Group. Under the leadership of the group’s new CEO, Nicolas Bos, Richemont has increased its investment in the high jewelry segment. In the first half of the 2025 fiscal year, Buccellati, Cartier, and Van Cleef & Arpels together contributed over 70% of the group’s revenue, further solidifying its dominant position in hard luxury. Since its acquisition by Richemont in 2019, Buccellati’s sales have grown 4.5 times, far exceeding the pace of its revenue doubling in the previous eight years.
Buccellati’s successful move to the first floor of Chengdu IFS marks a shift in the retail strategy of China’s high-end shopping malls. In the past, the first floors of top-tier malls like Chengdu IFS were often occupied by fashion giants, with only a few high jewelry brands able to secure a spot. However, as consumers increasingly focus on collection value and status symbols, high jewelry brands have demonstrated stronger risk resistance amid market volatility. Buccellati’s entry indicates that malls are prioritizing hard luxury brands in their brand mix to enhance the overall stability and appeal of their brand matrix.

Furthermore, Bain points out that luxury brands are slowing their expansion pace in the Chinese market, instead optimizing their existing store layouts and improving the performance of core stores. For example, Graff is about to open its largest global flagship store in Beijing’s WF Central, while Tiffany & Co. has completed a comprehensive upgrade of its flagship store in Chengdu’s Taikoo Li.
Simultaneously, the cultural penetration of high jewelry among consumers continues to strengthen. The low-key luxury style represented by the “Qian Jin Feng” (Daughter of Wealth style) once gained popularity among young Chinese consumers. Key Opinion Leaders (KOLs), through daily outfit and jewelry showcases, have shaped brands like Buccellati, Graff, and Harry Winston into symbols of understated luxury. For instance, shares by Xiaohongshu (Little Red Book) blogger @1saye and others have further boosted the cultural recognition of high jewelry brands. Buccellati’s signature honeycomb engraving and lace filigree craftsmanship, with their ultimate artistry and retro-elegant style, have become ideal choices for Chinese Gen Z and millennials seeking individuality and identity.
Buccellati’s boutique relocation in Chengdu IFS reflects the steady momentum hard luxury brands are showing amidst global economic turbulence. In the future, Buccellati’s growth trajectory in the Chinese market will serve as a crucial barometer for observing the direction of the hard luxury market.