Brands are still trying to get their hands on China – more power to the consumer
By Alex Lai
According to the Hurun 2009 Wealth Report, China has 825,000 individuals with personal wealth of more than RMb10 million and 51,000 individuals with more than RMb100 million – a tempting figure to pull in more watch brands’ investment. Today the number of watch brands is still stacking up, so raising brand awareness to conquer more market share remains crucial in China. Although names like Rolex, Rado and Omega are already familiar to Chinese, the competition between Richemont Group, swatch Group and others is ongoing.
“This reflects that the market is looking for good quality and multi-functional watches,” comments Jerry Tsang, Asia-Pacific CeO of luxury swiss watch brand Carl F bucherer, adding that in contrast with the traditional us/european market, the sales of Carl F bucherer watches in China increased 50% in 2008, justifying the opening in 2008 of its first beijing boutique, located on Wangfujing street. undoubtedly, brands with the highest quality watches have the advantage. A fine example would be breguet, which was granted a patent for its best-known invention, the tourbillon, in 1801 – and breguet is keen on reproducing classic tourbillons. “Our prestigious horology is best associated with art, “ Martin Ganz, vice-president of breguet, Greater China, remarked while announcing the news of a joint venture between the swatch Group and the Peace Hotel in shanghai, where an exhibition hall will be inaugurated later this year to feature watch brands carried by swatch Group – including breguet – intended to further “watch education”.
Meanwhile, Concord Watch Company’s president Vincent Perriard, the man behind the brand’s reinvention, reveals the success of the award-winning C1 Tourbillon Gravity, as well as this year’s C1 QuantumGravity – despite the company’s stated aim of keeping the brand small, unique and exclusive in the Chinese market. “We never wanted to create these unique timepieces with a real commercial objective, yet since we [can] turn a brand around quickly and make it sexy and interesting again, we have achieved great commercial success – we’ve sold 75 units of the C1 Tourbillon Gravity [which retails at us$320,000].”
Watches like Cartier’s Cartier D’art with a dragon motif, Vacheron Constantin’s Les Masques and ulysse nardin’s Temple of Heaven are leading more brands to create timepieces with Chinese motifs to cater to Chinese watch connoisseurs. Hence Mike Lou, deputy editor-in-chief of Luxos Hong Kong, Macau, Shanghai & Beijing and a watch aficionado, is optimistic. “Despite the global economic turmoil there are still more pluses than minuses in the China market in terms of product design, marketing and public relations among competitive brands, while distribution is booming through outlets and boutiques.”
In another development, DKsH has acquired several brands and is boosting their presence in China. “For the Luxury and Lifestyle unit, we started our presence with Harry Winston,” says Francis Phua, DKsH’s general manager of Greater China in Luxury Watches. “We established our foothold with the opening of Harry Winston’s watch boutique at Plaza 66, shanghai. With the acquisition of Desco last year, DKsH has further acquired Maurice Lacroix and Graham which already have a presence in China.”
Be it a shuffling or domino effect, these watch brands are likely to be signing off on a forward-looking yet risky venture with all the possible ramifications, but the winner will always be, fortunately, the wealthy watch lover.
2009 key watches
Breguet
Breguet’s timeless Classique collection shows the days of the week, the age and phases of the moon and the date.
Hours and minutes are shown on an off-centred hour chapter in the Breguet style, giving the watch its asymmetrical allure.
Harry Winston
The Harry Winston Ocean Dual Time features two dials each displaying the time in a different time zone, as well as the rotating ‘shuriken’ sub-seconds display.
Carl F Bucherer
A specially developed functional model which houses the new CFB A1001 caliber. It comes in two versions: stainless steel with calfskin strap, and 18-carat rose gold calfskin strap with 18-carat rose gold folding clasp.
Concord
The C1 Tourbillon Gravity is presented in a 48.5mm rose gold case, holding an 84-hour power reserve movement with seconds on the side of the tourbillon carriage, trust index and flyback chronograph.
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