Piaget is opening its first flagship in London Friday, in a 2,400-square-foot space on Bond Street.
The store will be among Piaget’s largest, although there are plans to open a slightly bigger boutique in the spring in Hong Kong.
“We don’t like those megastores…the objective is to make it welcoming,” said Philippe Metzger, chief executive officer.
Despite the economic downturn, the fine jeweler has spent the last few years in expansion mode, and has 71 doors internationally, including Paris, New York and Tokyo.
Metzger credited Piaget’s global presence with providing a strong foundation during the recession. “We paid for the last 10 years and invested massively in Asia.… This investment is paying off today. It’s a matter of capitalizing on the success of the brand in Asia. We’re lucky in a way — even when there’s a recession, the brands that are really on top tend to survive.”
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Bond Street is home to competitors such as Tiffany & Co., Chopard and Asprey, and Metzger said the neighborhood is well-suited to the positioning of Piaget, which is owned by Compagnie Financière Richemont.
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“The rule says it’s always ‘location, location, location,’ and this is one of the best locations…we knew we’d have to be there, whatever the cost,” Metzger said. “Are you going to fish where there are few fish and no fishermen, or where there are lots of fish and lots of fishermen…in London there is no alternative.”
The interior of the flagship was designed by French architect Gérard Barrau, who has worked with Piaget for the last decade. The goal of the design, which has an emphasis on wood and glass, was to “keep it more modern…but to try to make it inviting and cozy,” Metzger said.