Watch a series of heavily guarded opened its second store in China this week sales of 13,000 square meters, the former residence of the rest of the British Consulate in Shanghai, a city's most expensive real estate parcels a point. , Where the company will showcase its collection of watches worth 100 thousand to 150 million yuan ($ 16,000 to $ 240,000), said Thierry Stern, president of Patek Philippe, in an interview with reporters. In addition, the company implemented a local service center for wealthy buyers watch can maintain its expensive part, without having to give them abroad.
Investment is quite large, Mr. Stern said, he refused to disclose the financial details. A positive value in the luxury car market in China, more and more challenges, conspicuous consumption, including government officials being considered.
Watch, particularly a remarkable success. Swiss watch exports fell for the first time in three years, to 173 million Swiss francs ($ 1.86 billion) in September, the same month, versus 2.7% last year, according to the Federation of the Swiss Watch Industry. The largest decline since the Chinese representatives of Swiss watch sales fell 28%, according to the data. Hong Kong's sales fell 20%.
CFR.VX 0.34% luxury watches and jewelry card Cartier's parent company from CIE finance company Richemont SA, the staff warned investors to a lower sales growth in recent months in China and satiated. become the demand of residents of large cities in China.
Leadership decennial change, starting next month, has been postponed delivery gift, had increased replica watches for sale and trinkets businessmen and Chinese officials, a common practice. Industry experts said that people are waiting and watching, politicians worth of expensive gifts and convincing.
Some gifts, local officials in the so-called "watchdog maintain brother watchful eye, was fired after his government work, study public photos found in the online detective watches luxury often lead to far more than their pay grade.
Mr. Stern, following his father led the family business in 2008, he said he believed that Chinese buyers of 1.5 billion yuan watch chronograph rectangular diamond and sapphire crystal shell, because more and more consumer The rapid growth in the global luxury market is still looking for products they can continue to be passed to the younger generation. Patek Philippe Sky Moon Tourbillon watch sales this month of HK $ 10.5 million ($ 1.4 million) of 0.23% BID Sotheby's Hong Kong auction.
"This market, we have a long-term vision," Stern said, other luxury watch company and many other companies have also been active in the Chinese market rapidly throughout the country set up shop, using the measured growth mode, rather than take the short-term profits.
"If there is one thing we learned from the Chinese, they want exclusive, Stern said:" Philippe Patek Philippe, the former president and the current president's father, who led the 45-year-old Swiss company. "They do not want the luxurious mass market," he said.
In a recent interview, Patrick Thomas, CEO of Hermes International SCA provides a similar view, he said, the French luxury brand has steadily climbed measuring sales growth in China.
Patek Philippe, selling 55,000 watches a year global, the watch does not distribute beyond their stores. Chinese buyers accounted for 40% of its customer base in general, most of China's procurement, says Thierry Stern, the company's watches, the price is more than 45% in China, because China's luxury tax.
173-year-old watch company is developing a watch repair school, where he plans to train local Chinese art in the luxury replica watches repair, so that the staff of the new service center in Shanghai. China's rich demand speed, so four months waiting for repair is unreasonable, Thierry Stern said.
He added that a conservative, long-term approach, the majority of Chinese enterprises serving good service, especially you.
"It is no secret, the only one," said his father, Philip.
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