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Tag: Jaeger-LeCoultre

  • Malaysia’s Industronics to launch online pre-owned watch platform

    Malaysia’s Industronics to launch online pre-owned watch platform

    Industronics Bhd is tapping on the US$17 billion pre-owned luxury watch market through Ecgo International Ltd, its wholly-owned subsidiary in Hong Kong.

    This follows the launch of Industronics’ luxury watch e-commerce platform, watch-exchanges.com.

    Executive director Datuk Chu Boon Tiong said based on data and overall market performance, the pre-owned luxury watch market showed promising growth prospects.

    “We are excited to capitalize on the growing trend with the launch of WatchExchange and aim to pave the way for a streamlined trading platform that will not only revolutionise the transactions of pre-owned luxury watches but drive further growth in this industry,” he said in a statement today.

    WatchExchange aims to be the first luxury watch e-commerce platform that issues authenticity certificates for pre-owned luxury watches in Malaysia and Asia Pacific.

    Some of the leading brands profiled are Audemars Piguet, Hublot, Patek Philippe, Tag Heuer, IWC, Omega, Jaeger LeCoultre, Panerai, Rolex and Breitling.

    Chu said pricing and demand for pre-owned luxury watches had been so strong over the last few years that even high-end watch brands were moving into the pre-owned market themselves.

    “However, the biggest challenge for the pre-owned luxury watch market lies in authenticating the watches.

    “Our role here is to ensure that the shoppers can safely purchase luxury watches on WatchExchange without having to worry about the security and authenticity of the pre-owned luxury watches,” he said.

    Industronics, with its team of professional and experienced watch appraisers, said it wanted to create a professional, safe trading environment that would elevate customers’ experience of purchasing pre-owned luxury watches to a new level.

    The company will set up offices in China, Hong Kong, Japan, Singapore, Malaysia, the United States, Canada and Europe, where sellers worldwide could visit for physical appraisals of their watch collections.

    The success of WatchExchange will depend on excellence in several key areas namely stability, sustainability, search engine optimization (SEO) and new media marketing.

    This will also require extensive funding to carry out both online advertising and offline promotional activities.

    Chu believes the competitive advantage for WatchExchange lies in the company’s ability to build a “unicorn” ecosystem around the region.

    “We do not think that the strength of the platform lies solely in the certification and authentication guarantees.

    “We intend to replicate the business models globally via partnerships with a locally listed company in the respective countries.

    “Among the markets that we are looking into are Malaysia, Singapore, Indonesia, Hong Kong, China and several emerging markets in Europe. Once our ecosystem matures, we will have so much more to offer to our customers, in terms of the variety of brands, models, and other services,” Chu said.

    According to a management consultancy firm Bain & Company, the global pre-owned luxury watch market was valued at US$17 billion in 2018.

    However, less than 20 per cent of that market is in the Asia Pacific region, while only 25 per cent of the total pre-owned luxury watch sales were online transactions.

    Euromonitor International, an independent strategic market research provider, estimates the value of retail sales of timepieces in Malaysia to grow by five per cent per annum between 2019 and 2022, to reach up to RM2.5 billion.

    Industronic is looking to set up a fund in Hong Kong to raise RM250 million from potential investors.

    Proceeds raised will be utilised to purchase different brands of luxury watches for resale on the company’s platform.

    Industronics aims to invest around RM25 million or 10 per cent of the total funding required, together with the Hong Kong Cyberport Fund, which will invest an equivalent amount or at a 1:1 ratio.

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  • Richemont Group sales soars after YNAP acquisitions

    Richemont Group sales soars after YNAP acquisitions

    Richemont Group sales soared 24 per cent in December quarter, to €3.915 billion. It was largely down to the inclusion of online acquisitions Yoox-Net-A-Porter (YNAP) and Watchfinder, which were consolidated into the group’s accounts on May 1 and June 1, respectively. But even excluding that, the sales growth was still strong at 5 per cent by constant exchange rates.

    By region, European sales accelerated at twice the rate of Asia, up 35 per cent at constant exchange rates, with Asia Pacific – still the company’s largest single geographic market – up by 17 per cent.

    Sales in Europe reached €1.147 billion in the quarter, and in Asia €1.389 billion. Sales in the Americas surged 41 per cent to €801 million and in Japan by 14 per cent to €344 million.

    The only market where Richemont failed to perform was the Middle East and Africa, where sales slipped 3 per cent to €234 million.

    The company’s largest category, jewellery maisons, recorded 8 per cent growth to €1.985 billion, while Richemont said YNAP posted double-digit growth across all regions and solid performances across all its categories. Watchfinder’s sales expanded “more moderately”.

    Excluding the new online business unit, Richemont Group sales grew in all regions, with the exception of the Middle East and Europe. During the latter part of the quarter, sales in Europe were affected by social unrest in France which impacted tourism and led to store closures for six consecutive Saturdays. The disposal of Lancel in June also impacted the year-on-year comparison.

    A 10 per cent increase in sales in Asia Pacific reflected double-digit sales growth in Mainland China and good increases in other main markets. Sales growth in Hong Kong slowed, primarily due to the strength of the Hong Kong dollar versus the renminbi that resulted in lower tourist spending.

    In Japan, a 7 per cent expansion in sales was fuelled by continued domestic and tourist spending as well as the impact of newly opened directly operated boutiques.

    Sales in the Americas rose by 9 per cent, primarily driven by the jewellery maisons.

    Of Richemont’s many brands, Cartier and Van Cleef & Arpels led the way, increasing sales by 8 per cent, driven by jewellery and watches.

    Richemont operates in four business areas: jewellery maisons, being Cartier and Van Cleef & Arpels; specialist watchmakers, being A. Lange & Sohne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin; online distributors, being YNAP and Watchfinder; and other businesses, including Alfred Dunhill, Azzedine Alaïa, Chloe, Montblanc and Peter Millar.

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  • MR PORTER Launched “The Luxury Watch Guide” A Global Destination For Luxury Watches

    MR PORTER Launched “The Luxury Watch Guide” A Global Destination For Luxury Watches

    MR PORTER launched The Luxury Watch Guide, a new online destination for its ever-expanding selection of the world’s leading watch brands, including IWC Schaffhausen, Jaeger-LeCoultre, Breitling, TAG Heuer, Officine Panerai, Ressence and more. The Luxury Watch Guide will showcase curated content, educational features, and style advice, alongside details on how best to select and maintain your luxury timepiece through MR PORTER.

    The Luxury Watch Guide establishes MR PORTER as the leading global online retailer for customers to shop luxury timepieces alongside MR PORTER’s vast offering of menswear and lifestyle items, further bolstering its commitment to providing the best in product, content and service across all of its categories.

    The Luxury Watch Guide features:

    • Dedicated pages for customers and readers to gain insight into each brand’s story, alongside each of their current product offerings onsite.
    • Shoppable content aimed to inspire, educate and advise customers during their purchase experience, including: “The Knowledge”, covering topics such as “how to choose the right watch” and “how to take care of your watch”; MR PORTER’s Tick Talk video series, which dives deep into a brand’s heritage; specific product focused stories on discovering a particular novelty; and lifestyle features of inspiring men highlighting the relationship they have with their own timepieces.
    • Direct access to MR PORTER’s team of dedicated Personal Shoppers and first-class service propositions, including: same-day delivery in London and New York; “Try Before You Buy”, a service allowing customers to try product before purchasing; 24/7 customer service; and, secure hand delivery available for all luxury watches.

    “We are thrilled to launch our new Luxury Watch Guide – a dedicated online home for all things watches at MR PORTER. This was a natural next step in our continued growth of the category and not only delivers an engaging platform for both novice and enthusiast watch customers, but also allows us to better serve and inspire them.”, said Mr Toby Bateman, Managing Director, MR PORTER

    For each luxury watch purchase online, MR PORTER has also established a unique aftercare programme, which includes a five-year warranty for all working parts and manufacturing faults. (More than twice as long as the industry’s standard two-year warranty.)

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  • Jaeger-LeCoultre reopens Philippines store

    Jaeger-LeCoultre reopens Philippines store

    Luxury watchmaker Jaeger-LeCoultre has reopened its flagship store in Makati City in the Philippines, enhancing the experience for local timepiece gurus.

    Located in Ayala Center’s Greenbelt 5 in Makati, the 40-square-metre boutique was reopened last week with an official relaunch party attended by company executives including Jaeger-LeCoultre’s managing director for Southeast Asia and Oceania, Maxence Kinget.

    “It’s not a store, it’s a boutique with an experience,” Kinget told the Philstar, when describing the new store at the party.

    “For us it’s very important that there is emotion and discovery, the two key mindsets when we designed the boutique.”

    The newly reopened Philippine boutique will carry the watchmaker’s complete range of watches and accessories, as well as the famous Geophysic Tourbillon Universal Time, of which just one will be stocked.

    Jaeger-LeCoultre has also launched a new Geophysic collection for men with a steel metal bracelet, said to be “very good for South Asia because with the humidity and warm weather sometimes you want a stainless-steel bracelet instead of the alligator strap,” according to Kinget.

    There’s also a women’s range, with a new take on the iconic ‘Rendez-Vous’, a round watch with diamonds around the bezel.

    Finally, the new store will stock boutique-exclusive pieces, made in collaboration with Jaeger-LeCoultre and Lucerne – the distributor of Jaeger-LeCoultre in the Philippines — that aren’t available anywhere else in the world.

    Moreover, timepiece aficionados can create their own one-of-a-kind watch with Jaeger-LeCoultre’s new bespoke service on offer.

    “There is in the Philippines a very high level of watchmaking knowledge, a very strong appetite for watches and a very strong Maison in the Philippines,” said Kinglet. “Jaeger-LeCoultre is considered a reference in fine watchmaking, as well as having a very high level of craftsmanship. Within our manufacture we have developed the biggest collection of movements — 1,200 calibers developed in our history, which is absolutely crazy — and we still produce more than 50 calibers in the collection today. We spend a lot of time trying to make sure there is a very strong connection between respect for our tradition, our heritage, as well as being oriented towards the future.

    The Swiss watch group entered The Philippines in 2000, after striking a deal with Lucerne. But it only opened its first store in 2008, which is the newly fitted Greenbelt 5 store.

    Jaeger-LeCoutlre is also sold at Lucerne Jewellers in Taguig City and at the recently opened L’Atelier Lucerne at Shangri-La at the Fort.

  • Muji next expansion plan

    Muji next expansion plan

    Japanese lifestyle clothing and accessories brand Muji Canada is expected to expand to Vancouver next year.

    Known for its minimalist approach, Muji already has three stores in Toronto. It has about 300 stores outside Japan.

    Vancouver’s retail sector continues to outperform other Canadian markets with annual sales-per-square-foot at more than C$1000 (US$762). Toronto is second at about C$860.

    “Vancouver is a very young retail market and many brands have not yet opened street stores,” says real-estate group CBRE executive VP for retail in Vancouver Mario Negris. “We anticipate a vast number of new entrants into the downtown retail landscape.”

    Most brands entering Canada have their first outlets at Toronto’s Yorkdale Shopping Centre and Eaton Centre, says the Vancouver Sun. This is because of Vancouver’s relative lack of space.

    Brands such as Forever 21 and Victoria’s Secret actually made their Canadian debut in Alberta, while Vancouver is the preferred entry point for luxury brands such as Berluti, Jaeger-LeCoultre, Rolex and St Laurent.

    Other brands reportedly lining up to open in Vancouver next year include coffee boutique Nespresso and H&M’s Cos brand.

  • Richemont Asia stores set for cull

    Richemont Asia stores set for cull

    Feeling the pinch from a tough trading environment, luxury goods retailer Richemont has announced restructuring measures, including the closure of stores.

    Richemont Asia sales have declined despite a 26 per cent increase in sales in Mainland China.

    Global sales fell 18 per cent in April, and the company reported a 23 per cent drop in full-year profit.

    Richemont says it is cutting costs in its watch sector and plans to consolidate its global retail presence, particularly in Mainland China, while investing further in jewellery.

    Richemont owns brands including Baume & Mercier, Cartier, Chloe, Dunhill, IWC Schaffhausen, Jaeger-LeCoultre, Lancel, Montblanc, Piaget, Roger Dubuis, Shanghai Tang, Vacheron Constantin and Van Cleef & Arpels.

    “In the near term, we are doubtful that any meaningful improvement in the trading environment is to be expected,” said chairman Johann Rupert, revealing plans for Richemont store closures across its brands.

    Richemont’s operating profit in the year ended March was $2.06 billion, down from $2.67 billion because of the cost of restructuring measures initiated to counter the Asia Pacific downturn. Full-year revenue edged up 6 per cent to $11.08 billion, helped by favourable exchange rates.

    “Our concerns over geopolitical risks and the impact on the behaviour of our clients proved justified,” said the company.

    “Trading conditions in Hong Kong and Macau remained difficult. Only mainland China showed good growth.”

    Richemont’s final quarter was hit by slower tourist spending in Europe after terrorist attacks, while its Hong Kong business continued to bear the brunt of a strong currency which, combined with a slowdown in Chinese growth, deterred mainland tourists.

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  • TimeVallee Watch Boutique goes duty free

    TimeVallee Watch Boutique goes duty free

    In a first for the market, a TimeVallee Watch Boutique has opened inside Japan Duty Free Ginza on the eighth floor of Mitsukoshi Ginza Store in Tokyo.

    It is based on the concept of offering multiple international luxury-watch brands, and is the first such boutique within a Japanese duty-free shop.
    With its gold-toned interior, the store features a hands-on area where the latest technology enables shoppers to learn more about the history, traditions and technologies of the brands on display.

    TimeVallee1

    Japan Duty Free Ginza opened in January as Japan’s first airport-style duty-free shop in a city center outside Okinawa. It offers all products exempt from consumption tax, customs duties, and alcohol and tobacco duties.

    TimeVallee Watch Boutique features seven brands – Cartier, IWC, Jaeger-Lecoultre, Piaget, Roger Dubuis, Vacheron Constantin and Zenith.
    Japan Duty Free Ginza is run by Japan Duty Free Fa-So-La Isetan Mitsukoshi, established in 2014 and financed by Isetan Mitsukoshi Holdings, Japan Airport Terminal and NAA Retailing Corporation.

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  • Rents tumble on HK shopping strip that was world’s priciest

    Rents tumble on HK shopping strip that was world’s priciest

    “Landlords have to face the reality, no matter how reluctant they are,” Lawrence Wong, a director at property agent Sheraton Valuers Ltd., said in a telephone interview Saturday. “It’s still better than leaving their property empty.”

    Russell Street has lost its claim as the most expensive shopping street on the planet to New York’s Fifth Avenue, according to broker Cushman & Wakefield Inc. in November. A July research report by Jones Lang LaSalle Inc. predicted prices for space in prime locations will drop 15 percent to 20 percent in Hong Kong this year.

    Retail rents were down 12 percent in Causeway Bay and 3 percent in Central at the end of June, Oriental Daily reported earlier this month, citing data from CBRE Group Inc. The broker said in a report that the decline came after rents for shops at prime locations in Hong Kong’s four shopping districts, including Tsim Sha Tsui and Mong Kok, increased by 213 percent from 2003 to 2014.

    Hong Kong’s retail property market has slumped with China facing its slowest growth in a quarter-century. The world’s second-largest economy will announce a growth objective of 6.5 percent to 7 percent for 2016, according to eight of 15 economists in a Bloomberg News survey conducted Sept. 17-22. All of those surveyed said they expect next year’s target will fall short of the about 7 percent set by Premier Li Keqiang for 2015 growth.

    The Hong Kong government is closely monitoring developments in the city’s property market and will make policy changes if necessary, Financial Secretary John Tsang told reporters on Sunday.

    Hong Kong’s property prices are being affected by an increase in supply and volatile external factors such as a high probability that the U.S. may raise interest rates, Tsang said.

    Colourmix, run by Veeko International Holdings Ltd., will rent a 1,000 square-foot space in Causeway Bay for almost HK$1 million ($129,000) per month, 43 percent lower than what luxury Swiss watch brand Jaeger-LeCoultre is currently paying, said Wong, whose company handled the transaction.

    In Central, Hong Kong’s business district, Adidas Hong Kong Ltd. will pay 23 percent less for the space being vacated by Coach Hong Kong Ltd., according to Land Registry data. The sports brand’s rent is HK$4.34 million a month, down from HK$5.6 million paid by Coach, the designer handbag maker.

    Hong Kong’s residential market is also experiencing weaker sentiment. “Housing market outlook will likely become more cautious amid increased volatility in the global and Hong Kong’s financial markets,” the Hong Kong Monetary Authority said in a report released Friday. “The risk of downward adjustment has picked up steadily.”

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  • Studio City retail tenants revealed

    Studio City retail tenants revealed

    Studio City and Taubman Asia, have revealed the lineup of fashion brands that will open inside The Boulevard at Studio City.

    A mix of fashion-forward labels and internationally-renowned luxury brands include Macau’s first Balmain, Macau’s first Belstaff, and Tom Ford’s largest store in Asia, amongst many others. The selection was assembled by Taubman Asia and Melco Crown Entertainment’s combined team of retail specialists to meet Chinese consumers’ increasing desire to express their individuality through high quality, expertly crafted clothing and accessories. Bespoke and personal services will be offered to ensure our shoppers take center stage.

    Taubman says The Boulevard at Studio City will bring “an unparalleled shopping experience” to Studio City.

    “Unlike any retail offering to be found in Asia, the unique 35,000 sqm ‘immersive’ retail entertainment environment brings shopping to life by ‘transporting’ visitors to high-energy street-scapes and entertaining them at every turn with featured streets and squares inspired by iconic shopping and entertainment locations, including New York’s Times Square and Hollywood’s Beverly Hills,” Taubman said in a statement.

    “At the futuristic Times Square Macau, inside The Boulevard at Studio City, a variety of entertainment from ‘virtual’ musicians to film stars will be shown through holographic projections.

    “Leveraging our global expertise increating extraordinary retail environments, and our exceptional relationships with the world’s leading brands, our talented team in Asia has brought together an exciting mix of brands for The Boulevard at Studio City,” said René Tremblay, president of Taubman Asia.

    “Our merchandising and management services are the industry standard for performance and excellence. We are thrilled to welcome these brands to our latest project and are committed to supporting them for the long term.”

    List of brands:

    Aeronautica Militare
    Balmain
    Bank of China
    Belstaff
    Boss
    Bottega Veneta
    Bulgari
    Cigar Emporium
    Coach
    Cosmos Food Station
    Din Tai Fung
    Dunhill
    Emporio Armani
    Fendi
    Girard-Perregaux
    Givenchy
    Glashutte Original
    Graff
    Gucci
    Hide Yamamoto
    Hublot
    ICBC
    Trattoria Il Mulino
    Image Digital
    IWC Schaffhausen
    Jaeger-LeCoultre
    Jaquet Droz
    kate spade new york
    Kenzo
    Longines
    McCafe
    McDonald’s
    MCM
    Michael Kors
    Montblanc
    Philipp Plein
    Piaget
    Prada
    Rainbow
    Rimowa
    Roberto Cavalli
    Saint Laurent Paris
    Shiki Hot Pot Restaurant
    Starbucks
    Tag Heuer
    T Galleria Beauty by DFS
    Tiffany & Co.
    Tom Ford
    UM
    Vacheron Constantin
    Valentino
    Van Cleef & Arpels
    Versace Collection
    Ermenegildo Zegna
    Zenith

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