Rich & Richer: Jewel Of The Luxury Crown
It's easy to spend a fortune on jewelry -- one piece at a time.
These days, items costing $20,000 and up are the fastest growing category of jewlery for Cartier, Tiffany & Co. and Bulgari. And suddenly the hottest market in the luxury business is the U.S.
As Margaret Brennan reports, Italy's Bulgari has targeted the U.S. for aggressive expansion. The U.S. already accounts for 30% of the company's sales, but the Rome-based company just refurbished its flagship New York City store and plans additional stores. The company is also considering expanding into malls and high-end department stores.
Richemont's Cartier and U.S.-based Tiffany are also expanding. Tiffany, for instance, plans five to seven stores in the Midwest -- all 5,000 square feet.
Saks is looking to create branded jewelry, working with the likes of Chanel and Gucci to compete in the lucrative market.