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Tag: Tudor

  • Tudor Watch starts selling in Japan

    Tudor Watch starts selling in Japan

    Swiss watchmaker Tudor Watch has launched in Japan with a mix of permanent outlets and pop-up stores. The brand started trading on Wednesday in Tokyo and Osaka, and is poised to set up distribution in Nagoya and Sapporo via big-name local retail partners. It is currently riding a wave of popularity in the US and UK, where it has recently relaunched.

    Director of Montres Tudor S.A. Eric Pirson said: “The partners that Tudor selected for this launch are among the most high-profile and prestigious watch retailers in the country. They are offering Tudor a strong presence in their most prominent location. With this presence in the Japanese market, alongside our key openings in the US in 2013, the UK in 2014 and the Korean domestic market earlier this year, Tudor is now truly a global brand that is represented in close to 100 countries worldwide.”

    The launch is well-timed for Tudor’s Rugby World Cup sponsorship in Japan next year, which will serve to raise the brand’s profile in the burgeoning watch market.

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  • Watchmaker Tudor Says Hong Kong Market Could Get Even Worse

    Watchmaker Tudor Says Hong Kong Market Could Get Even Worse

    Tudor, Rolex’s sister brand, said the Hong Kong market may get worse as rich Chinese shop for luxury goods in markets with lower prices.

    Swiss watch exports to Hong Kong slid 25 percent in February, dropping for the 13th consecutive month, the Federation of the Swiss Watch Industry said Tuesday. There’s no swift turnaround in sight, according to Philippe Peverelli, chief executive officer of Tudor.

    “In mainland China we’ve already touched the bottom of the pool,” Peverelli said in an interview at the Baselworld watch fair. Demand has been improving there since the second half of 2015. “As for Hong Kong, I’ve never seen such a deep pool. We haven’t reached the bottom there yet.”

    The island city became the biggest export market for Switzerland’s timepieces almost a decade ago, luring well-off Chinese with lower luxury taxes on the mainland. In the past three years, however, the Chinese government’s crackdown on bribery and extravagance among government officials has weighed on the industry’s sales in the region, and currencies have made watches cheaper in other markets such as Japan.

    Last year Tudor got just under 60 percent of its sales from greater China, down from more than 90 percent in 2010. The company re-entered the U.S. and the U.K. in recent years and started selling its timepieces in duty-free retail shops in South Korea. The next country it plans to enter is Japan, which enjoyed a 22 percent gain in shipments last month.

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  • Chow Sang Sang local sales slide

    Chow Sang Sang local sales slide

    Jeweller Chow Sang Sang has reported a 12 per cent slump in same store sales in Hong Kong and Macau during the first half of this year.

    But the company’s total sales slipped just one per cent and its profit rose 40 per cent during the six months, due to its disposal of shares in Hong Kong Exchanges and Clearing Ltd. Operating profit was down about 12 per cent.

    The company said while official records show a 5.9 per cent increase in the number of visits to Hong Kong by Mainland Chinese in the first five months, “actual spending by these visitors did not bring much cheer to the luxury retail sector”.

    “Negative sentiments towards cross-border traders and even mainland visitors probably cast a pall over shopping activities. Exchange rate fluctuations caused price differences that made it worthwhile for consumers from the mainland, and even those from Hong Kong, to shop in Japan and Europe for luxury goods.”

    During the half, Chow Sang Sang closed its Metroplaza store in Kwai Chung, but expanded its store in Elements, West Kowloon and converted the fitout to the company’s new generation shop design.

    The company said Macau was especially hard hit by the anti-graft campaigns and the measure to restrict funds outflow. One street-level store was closed there at the expiry of its lease.

    “On the Mainland, the slowing growth in the economy, the continued anti-corruption and austerity drive affected high-ticket spending, but in general the retail sector was healthy.”

    The jeweller opened 21 stores during the half taking its reach to 102 cities. Ten underperforming stores were closed for a net gain of 11 and a total network of 333.

    The company says in the months ahead it will continue to closely monitor its inventory levels. It has revamped its online shops both for the Mainland and Hong Kong and online sales continue to grow.

    “We are making progress in facilitating our online customers to take advantage of the network of physical stores.”

    In Hong Kong the company has acquired space in Citywalk, Tsuen Wan, to open a Rolex and Tudor store.

    The existing store in the same mall shall cease to operate its watch counters.

    In China 18 stores are planned between now and Christmas, along with several refitting and closings.

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