• Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Tam Su Voi
    • Usapang Pinoy
ABOUT
Advertise in GAT
Contact us
Thursday, August 18, 2022
Georgia Asian Times
International Insurance of Georgia
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Tam Su Voi
    • Usapang Pinoy
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Tam Su Voi
    • Usapang Pinoy
No Result
View All Result
Georgia Asian Times
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
Home Feature

Swiss watchmakers go digital to show off new products, revive sales

Georgia Asian Times by Georgia Asian Times
April 8, 2021
in Feature, Lifestyle

The HO8 model of Hermes is pictured during a media presentation at the Watches & Wonders in Geneva, Switzerland, April 6, 2021. . REUTERS/Denis Balibouse

Share on FacebookShare on Twitter

Zurich, April8, 2021 – Luxury Swiss watchmakers, usually not big fans of online retailing, are launching a new all-digital Watches & Wonders event on Wednesday to display their latest products, hoping to revive sales hit by the coronavirus crisis.

Makers of high-end watches still largely rely on physical stores for sales, but the success of online platforms for pre-owned watches, such as WatchBox or Richemont’s Watchfinder, have shown it is possible to sell luxury timepieces online.

Pandemic-related factory and store closures hit Swiss watch sales last year and have forced brands to boost their often tiny online business and generally rethink digital activities.

Guillaume de Seynes, executive vice president at luxury goods group Hermes, told Reuters one of the reasons Hermes’ watch business outperformed the industry last year was that its customers were already used to shopping on hermes.com.

AD: High Museum of Atlanta

Hermes, known for leather goods, silk scarves and perfumes, embraced e-commerce much earlier than pure-play watchmakers, launching its transactional website in the United States almost 20 years ago.

De Seynes said he expected a strong recovery in the group’s watch sales this year, with current trends broadly in line with the 28% increase in the final quarter of 2020.

Rene Weber, analyst at Vontobel, estimated that only about 2% of Swiss watch sales in value terms were currently done online, with the share varying depending on the brand. Other analysts estimated the online share of sales at around 7% to 9%.

Some Swiss luxury watch brands – such as Patek Philippe and Rolex – have preferred to stick with traditional bricks and mortar stores to sell their products that can cost tens of thousands of dollars.

For Patek, selling online is still not an option, and a test run with retailers during the first lockdown confirmed that strategy, President Thierry Stern told Reuters.

“People don’t want to buy a Patek online, the watches are expensive, you lose the beauty, the magic.”

The family-owned luxury watchmaker sees a recovery this year after a 20% sales slump in 2020, but does not expect to return to 2019 sales figures yet. “That will maybe take a year or two, Stern said.

Justin Reis, chief executive of pre-owned platform WatchBox, said customers had become much more engaged with the brands during the pandemic as they became used to actively searching information online, via webinars or social media.

In reaction to this trend, Patek Philippe has made some investment in its digital capabilities, hiring staff and setting up a studio to deliver high-quality virtual product presentations.

Small independent brand H. Moser & Cie also invested in digital technology ahead of the Watches & Wonders fair and said it was pleased these costs were lower than for physical watch fairs.

LVMH’s Bulgari said e-commerce had increased “dramatically” in a presentation on Wednesday. “We expanded our technologies and made ourselves more available to clients,” Bulgari watch head Antoine Pin said.

Watches & Wonders' official platform www.watchesandwonders.com/en, which describes itself as “the biggest watch event ever to take place online”, is giving media and retailers access to presentations held by the 38 participating brands.

“It would be good if consumers could also participate via the Watches & Wonders platform,” Oris Co-Chief Executive Rolf Studer told Reuters, saying the brand had developed campaigns to connect more closely with customers on Instagram and launched a watch directly to its online community via Zoom. – Reuters

 

Tags: luxurySwisswatchWatchbox
Previous Post

Philippines sees 17 tycoons on Forbes’ global billionaire list; their wealth grew despite pandemic

Next Post

Singapore’s leader-in-waiting steps aside as future PM in succession setback

Georgia Asian Times

Georgia Asian Times

Related Posts

From Okinawa to Atlanta: Japan’s hip-hop queen Awich
Lifestyle

From Okinawa to Atlanta: Japan’s hip-hop queen Awich

August 18, 2022
Seattle exhibition focuses on philosophy of Bruce Lee
Lifestyle

Seattle exhibition focuses on philosophy of Bruce Lee

August 9, 2022
Fashion designer Issey Miyake dead at 84
Lifestyle

Fashion designer Issey Miyake dead at 84

August 9, 2022
Jo Koy’s ‘Easter Sunday’ puts Filipinos front and center
Lifestyle

Jo Koy’s ‘Easter Sunday’ puts Filipinos front and center

August 5, 2022
US travelers warned of increased violence risk after Zawahiri killing
Lifestyle

US travelers warned of increased violence risk after Zawahiri killing

August 3, 2022
Producer Janet Yang elected president of film academy
Lifestyle

Producer Janet Yang elected president of film academy

August 2, 2022
Next Post

Singapore's leader-in-waiting steps aside as future PM in succession setback

Signup Free E-Newsletter

Upcoming Events

Sep 3
September 3 @ 4:00 pm - September 4 @ 9:30 pm

Taiwan Yes Night Market at Atlanta

Sep 17
September 17 @ 11:00 am - September 18 @ 6:00 pm

JapanFest 2022

View Calendar

 

CONTACT US

Follow Us

MOST INFLUENTIAL

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

July 18, 2022

Video highlights of GAT 25 Most Influential Asian Americans in Georgia

July 17, 2022

2022 GAT 25 Most Influential Asian Americans in Georgia-Awards Gala

July 17, 2022

LINKS OF INTEREST

ATL Asian Film Festival

GAT on Facebook

  • Contact Us
  • Advertise in GAT
  • ABOUT

© 2022 Georgia Asian Times - empowered by 8SOL

No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Tam Su Voi
    • Usapang Pinoy

© 2022 Georgia Asian Times - empowered by 8SOL

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist