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Tag: Omega

  • 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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  • Omega China makes E-commerce debut

    Omega China makes E-commerce debut

    Swiss timepiece maker Omega has launched its first e-commerce initiative in China.

    Omega China has opened a new pop-up store in the Tmall Luxury Pavilion, an online platform for premium brands under Alibaba Group.

    Pre-sales for Omega’s new Seamaster Aqua Terra Beijing 2022 limited-edition wristwatch will be exclusively available on the pop-up site between June 15 and August 7. The watch will be available in physical stores later on. Just 2,022 watches have been made to mark Beijing’s upcoming Winter Olympics.

    The Pavilion has recently overhauled its site with more personalised offers and recommendations, introducing a brand-generated content feed and online magazine.

    “We want to step up our offerings in terms of creative experiences, trending product feeds and style tips from fashion editors to help young users find items and brands they love,” said Tmall Luxury Pavilion head Lili Chen. “The Pavilion revamp enhances the discovery journey and shopping experience for our customers, while helping luxury brands better express their brand vision, aesthetics and new creations.”

    Omega joins 133 brands on Tmall’s Luxury Pavilion, including rival brands Tag Heuer and Zenith, along with Versace, Stella McCartney, Moschino, and others.

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  • Tissot Japan plans to double outlets

    Tissot Japan plans to double outlets

    Tissot Japan plans to almost double its stores to 300 locations over the next few years.

    The Swiss watchmaker says its aim is to broaden its brand recognition in one of its most important markets.

    Part of the Swatch Group, Tissot has its products in about 170 stores in Japan, and intends to increase that to about 220 locations this year. As well as department stores and watch stores, it is considering sales at boutiques as well.

    In July, Tissot opened its first street-level store in Japan, in Osaka. In the medium term, it is considering opening one in Tokyo as well.

    Swatch also owns other brands, such as luxury watchmaker Omega.

  • Omega Malaysia opens fourth boutique

    Omega Malaysia opens fourth boutique

    Omega Malaysia has opened its fourth boutique, at Suria KLCC in Kuala Lumpur.

    As well as a ribbon-cutting ceremony, there was a traditional lion-dance performance. Guests included actors Jojo Goh, Nazim Othman, Siti Saleha and Tasha Shilla, singer Sheila Majid and beauty queen Serene Lim.

    Omega president/CEO Raynald Aeschlimann told guests that the brand had established a strong presence in Malaysia over the past 11 years.

    He said the level-one store would showcase the Swiss luxury watch maker’s full range of products.

    Omega’s first boutique in Malaysia opened its first boutique in Starhill Gallery, Kuala Lumpur, in 2006, followed by stores in Pavilion Kuala Lumpur and Gurney Plaza, Penang.

    Like Omega’s other boutiques, the new store has a design inspired by the natural elements of air, water and sunlight, depicted using cream and champagne colours in the interior design, along with reconstituted zebrawood furniture and chiselled glass surfaces.

    Apart from watch collections, the store also offers fine jewellery, leather goods and sunglasses.
    Founded in 1848, Omega is a brand within the Swatch Group.

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  • Swiss watchmaker opens new boutique at Suria KLCC

    Swiss watchmaker opens new boutique at Suria KLCC

    Swiss luxury watch manufacturer Omega has opened its fourth boutique in Malaysia, at Suria KLCC, to cater to growing demand for its timepieces.

    The event kicked off with a ribbon-cutting ceremony and a traditional lion dance performance.

    Omega president and chief executive officer Raynald Aeschlimann said the brand had established a strong presence in this country, and enjoyed excellent reception in the last 11 years.

    “We are delighted to further extend the boundaries of our retail experience in Malaysia, and are confident that now is an ideal time to open a new boutique in the heart of Kuala Lumpur.

    “With this boutique, we look forward to sharing our full range of products with our customers in this house of Omega,” he said.

    Located on level one of the mall, the new boutique is an important part of the retail strategy of Omega, which opened its first boutique in 2006 in Starhill Gallery, Kuala Lumpur.

    The Omega Seamaster Collection is one of the brands popular selections.

    The Omega Seamaster Collection is one of the brand’s popular selections.

    This was followed by a store in Pavilion Kuala Lumpur and Gurney Plaza, Penang.

    Not only does the location of the new retail store reflect the increasing popularity of Omega in the region, it also strengthens the brand’s relationship and commitment to Malaysia’s luxury market.

    Just like Omega’s other boutiques, the new store’s setup was inspired by the natural elements of air, water and sunlight – depicted using cream and champagne in the interior design, along with exotic reconstituted zebrawood furniture and chiselled glass surfaces.

    With a team of professionally-trained sales associates at hand to help customers, the boutique offers an elegant and comfortable shopping experience.

    Among the guests at the store’s opening were Malaysian jazz queen Datuk Sheila Majid and fashion enthusiasts and celebrities Nazim Othman, Jojo Goh, Tasha Shilla, Siti Saleha, Daphne Charice and Serene Lim.

    Apart from its collections of watches, the store also offers fine jewellery, quality leather goods and sunglasses for both men and women.

    Founded in 1848, Omega is a brand within the Swatch Group, the world’s leading watch manufacturer, synonymous with excellence, innovation and precision.

  • Swatch Group confident despite profit dive

    Swatch Group confident despite profit dive

    While Swatch Group profits nearly halved last year in a weak global watch market, the Swiss company is predicting “healthy growth” ahead.

    Swatch Group owns such luxury brands as Breguet, Longines and Omega as well as marketing watches carrying its own name.

    Net profit fell 47 per cent to 593 million Swiss francs (US$598 million) last year while sales came in at 7.5 billion francs.

    Watch and jewellery sales dropped by nearly 11 per cent as 2015’s marked slowdown ran into last year. However, by the end of the year there was fresh movement in sales, especially in China, says Swatch.

    From November to January there was “very good growth” in the segment, particularly in Mainland China, says the group, noting “a substantial improvement in operating margin.”

    “Based on the positive development of the past three months, healthy growth is expected for this year.”

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  • Hard half-year for Luk Fook Holdings

    Hard half-year for Luk Fook Holdings

    Revenue plunged by 21.5 per cent for jeweller Luk Fook Holdings (International) to reach HK$5.5 billion (US$709 million) for the six months to September 30.

    Its interim results also show a drop of 31.5 per cent in overall same-store sales for the period.

    However, its overall gross margin improved by 5.3 points to 28 per cent as a result of a relatively high gold price and higher gemset jewellery sales mix. Because of this, the gross profit decreased by only 3 per cent to HK$1.5 billion.

    Mainland China accounted for 54.6 per cent of total profits, an increase of 12.8 points.
    With a lacklustre market, retail revenue in Hong Kong plunged by 33.4 per cent to $2.642 billion, while the wholesale business shot up by 51.1 per cent to $361.6 million because of an increase in scrap gold sales as well as wholesale rough diamonds.

    Luk Fook says a relatively high gold price saw gold sales fall more than expected.

    During the six months, the group added 27 Lukfook shops worldwide, including 24 in China (nine of them licensed shops), a self-run shop in both Macau’s casino district and New York,and  a licensed shop in Seoul. This brought its total to 1455 Lukfook shops (up from 1412 at the same time last year), spanning Australia, Canada, China, Hong Kong, Korea, Macau, Singapore and the US, as well as nine 3D-Gold shops (up from four) on the mainland.

    The group says it has been striving to diversify its product mix, and since 2010 has been trying to expand its mid- to high-end watch business. At the end of September is was the authorised dealer of 34 watch brands including Audemars Piguet, Bulova, Burberry, Bulgari, Emporio Armani, Eterna, Frederique Constant, Longines, Omega, Oris, Rado, Tag Heuer, and Victorinox Swiss Army.

    For the six months, the watch business contributed revenue of HK$104.49 million down from HK$119.39 million for the same period last year, representing 1.9 per cent of the group’s total revenue, a 12.5 per cent decrease.

    Looking ahead, the group aims to continue to develop its eCommerce business and to further strengthen cooperation with eCommerce platforms in China. At the end of September, the group had 15 online sales platforms in China, including JD.com, Suning.com, Tmall.com and VIP.com.

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  • New retailers to open at Marina Bay Sands

    New retailers to open at Marina Bay Sands

    More luxury brands and new-to-market retail concepts are debuting at The Shoppes at Marina Bay Sands – along with an expanded collection of premium children’s brands at the North Promenade.

    Gucci Kids, Kenzo Kids, Paul Smith Kids and Stella McCartney Kids will open in the first half of next year – the first standalone stores in Singapore for all four brands. They join Baby Dior, Dolce Gabbana Junior and Fendi Kids, all of which are the first and only outlets for the brands in Southeast Asia.

    Hugo Boss Nico Rosberg Event_A

    Marina Bay Sands VP of retail John Postle says the brand expansion helps The Shoppes continue to sharpen its edge as a leading shopping destination.

    Lewis Hamilton at The Shoppes

    Lewis Hamilton at The Shoppes

     

    Culinary options at the mall are also being extended. Just opened is Seafood Paradise, the homegrown brand’s flagship restaurant in Singapore.

    Baked Pork Belly Ribs with Honey Pepper Sauce

    The Paradise Group will also be opening its Canton Paradise this year to showcase classic Hong Kong cuisine such as roasts, noodles and wok-fried dishes.

    Signature Creamy Butter Crab topped with Coconut Crumbs

    Steamed Star Garoupa in Teochew Style

    Also launching soon is the first standalone Venchi Chocolate and Gelato kiosk in Singapore, featuring South American chocolate. Japanese chain Ippudo Ramen is also in the pipeline, as well as the new-concept Starbucks Reserve, which introduces rare coffees and special brewing methods.

    New-to-market brands

    As well as luxury lingerie store Agent Provocateur, other new-to-market brands set to join the mall this year include Homme Plisse by Issey Miyake, a men’s range of sporty separates. The collection will be featured in the same boutique space featuring Pleats Please Issey Miyake and Bao Bao Issey Miyake.

    Front Row Boulevard_C_A personal shopping journey with Anita Kapoor at The Shoppes

    French fashion house Chloe will return to Singapore in the first quarter of next year with its first standalone boutique as part of a significant expansion across the mall’s luxury boutiques. Key enhancements will include Tiffany & Co doubling its store size and the Chanel duplex also expanding to nearly 11,000 sqft (1021 sqm). It will have a new design concept by architect Peter Marino.

    Front Row Boulevard_located between Chanel and Gucci

    Shoes, bags and accessories designer Jimmy Choo will also double its shop size. Other outlets also enlarging their stores include Breguet, Omega, Paul & Shark and Rimowa.

    Meanwhile, The Shoppes at Marina Bay Sands is midway through its fashion promotion Front Row at The Shoppes. The event features the world’s fashion capitals each week through the eyes of trendsetters, highlighting craftsmen and offering personal styling sessions.

    Front Row 2016 - FENTY PUMA show_C

    Front Row 2016_Repetto Event with Yoyo Cao_B (2)

    Front Row 2016 – Repetto Event with Yoyo Cao

     

    Front Row at The Shoppes_Runway D

    A highlight was a regional party hosted by Burberry and attended by more than 200 guests. The evening introduced the brand’s new “Personalised for You” in-store experience for Southeast Asia, showcasing its most iconic designs and revealing the craftsmanship behind each piece.

    Front Row 2016 - Burberry Regional Party_D

    Front Row 2016 - Burberry Regional Party_C

    Front Row 2016 - Burberry Regional Party

    British singer/songwriter Georgie also marked her debut in Asia with a performance at the in-store party.

    Front Row 2016 - Burberry Regional Party_British singer Georgie_B

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  • Labels lining up at new Macau resorts

    Labels lining up at new Macau resorts

    As Macau resorts swing the spotlight from gaming to shopping, designer labels are lining up to open their first stores in the former Portuguese colony.

    Established brands have already led the way, and the opening of two major resorts has introduced a broad choice of new retail space.

    Both the US$4.2 billion Wynn Cotai Palace and the new $2.7 billion Parisian Macao offer 18,580 and 28,000 sqm respectively of luxury retail space – together, more than 200 shops. However, established integrated resorts are also benefiting from the retail boom, with Swiss watchmaker Omega opening a corporate boutique in Studio City Macau and Paris designer Christian Dior launching its first boutiquein City of Dreams Macau.

    The all-new Wynn Cotai Palace is welcoming luxury brands such as Chanel, Chopard and Hermes, while watchmaker Franck Muller is launching the Vanguard Wynn Palace Boutique Exclusive, its third opening in the city. A new boutique inside Wynn Palace is also the third Macau outlet for luxury watch brand Panerai.

    Cotai Strip’s newest resort, The Parisian Macao, has set up the Shoppes at Parisian with more than 150 luxury and lifestyle retail boutiques. The shops are housed in different precincts named after some of the most stylish streets and arcades of Paris, including the Champs-Élysées. The fashion on offer includes a mix of both Parisian brands and couture new to Macau, including labels like Antonia, Garel Paris, Herzo, Isabelle Langlois, Sonia Rykiel and Temptation.

    To mark the opening of the Shoppes at Parisian, The Parisian Macao is hosting an exclusive designer runway show, Front Row, tomorrow evening. It will showcase crystal looks from Swarovski plus styles from selected retailers. Celebrity guests include China’s first fashion model Xiao Wen, the current face of Marc Jacobs.

    There will also be runway shows on September 15 and 16, plus other launch events.

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  • Swatch Group profit lowest for seven years

    Swatch Group profit lowest for seven years

    Swatch Group, the maker of Omega and Tissot timepieces, has reported its lowest first-half profit in seven years, with demand tumbling in Hong Kong, France and Switzerland.

    Its first-half operating profit fell 54 per cent to 353 million francs (US$359 million), the company says. This followed an earlier warning that earnings would probably fall 50 to 60 per cent.

    After previously forecasting growth, CEO Nick Hayek says sales for the year may fall as much as 6 per cent. Terrorist attacks in France are keeping tourists at bay, denting sales.

    However, Swatch says its full-year results will be close or equivalent to those of last year.
    Swiss watch exports declined a record 11 per cent in the first half, says the Federation of the Swiss Watch Industry.

    Swatch says the first three weeks of this month showed good growth in China, particularly for its luxury brands Blancpain, Breguet and Omega.

    The company also says the drop in Hong Kong’s retail sales has bottomed out.