FRANCK MULLER opens in Budapest, Hungary in a declining luxury market
Swiss watchmaker FRANCK MULLER opened this week a monobrand boutique in the Hungarian capital of Budapest. The boutique which covers a surface of 125 sqm is located on leading highstreet Andrassy Ut is a joint venture operation between Franck Muller and a group of three local businessmen.
The opening of the boutique comes amid a troubled period for the Hungarian luxury market which has been in constant decline for the past year. The Budapest opening comes after Franck Muller closed its monobrand boutique in Bucharest, Romania earlier this year after less than one year from opening. Mention should be made the Romanian luxury market has twice the value and potential of the Hungarian one, the major difference coming from the fact the Romanian luxury market relies on 80% sales made to locals, while the percentage is reserved in the case of Hungary, which relies mostly on sales to foregn travellers.