Tag: watches

  • Google watches over Maps to protect bad actors from contributing fake reviews

    Google watches over Maps to protect bad actors from contributing fake reviews

    A few days ago Google published a blog post about how it keeps information on Google Maps “reliable.”  Google writes, “In a world that’s constantly changing, it’s important for Google Maps to give you the freshest, most up-to-date information possible — so you can know whether the restaurant down the street from you reopened or if your neighborhood grocery store has curbside pickup. One way we do this is through contributed content.”

    Every day, Google receives 20 million contributions from Maps users who are willing and eager to tell Google about changes to businesses’ hours of operations, phone numbers, and other important information that helps Maps users find out when they can visit a particular business and how to get in touch with the company. Google also receives photos and reviews among the contributions that Maps users send it daily.

    Of course, Google needs to be alert to make sure that the contributions being received are accurate. After all, 20 million contributions a day is a logistics nightmare and one incorrect phone number or bogus review posted on Google Maps could negatively impact a company. And some of the 20 million contributions that Google receives daily are bogus or faked on purpose, possibly by a company’s competitors, or by some malicious users.

    Google wrote, “As with any platform that accepts contributed content, we have to stay vigilant in our efforts to fight abuse and make sure this information is accurate. Thanks to a combination of machine learning and human operators, we continue to decrease the amount of content seen on Maps that is fraudulent or abusive – in fact, it’s less than one percent of all the content that is viewed on Maps.”

    Last year, Google was able to update information for 30% more business than the number it revised the year before. Using Machine Learning tools it blocked over 100 million fraudulent edits from going live by using ML technology to find malicious bots and abusive edits.

    That includes 7 million totally fake business profiles it removed and 12 million fake Business Profiles it took down. In addition, it stopped 8 million bad actors (and we don’t just mean those that didn’t win an Oscar) from claiming Business Profiles that weren’t theirs. Google added, “Thanks to continued improvements in our machine learning, our technologies and teams disabled more than 1 million user accounts due to policy-violating activity, such as online vandalism or fraud.”

    Earlier in this article, we mentioned how competitors could potentially post negative comments and reviews to damage a targeted store or business. Google itself alludes to this in his blog post by stating, “We also saw individuals and groups attempt to use fake reviews as a tactic to hurt local businesses — oftentimes spurred by public attention on differences in opinions.” So after detecting abuse and suspicious activity, Google protected 100,000 business from getting attacked on Google Business Profiles.

    Google also blocked or removed more than 95 million reviews that violated its policies. It also took down 1 million reviews that were reported to it and blocked over 190 million photos and 5 million videos that were blurry, low-quality, or violated Google’s content policies.

    As Google notes, “Local knowledge that our global community contributes is a huge part of what makes Google Maps more than a navigation tool. We’ll continue to invest in keeping this information fresh and reliable so you can discover information about the world around you.

    An app like Google Maps attracts bad actors because of its reach and the number of people that use it. For example, more than one billion people use Google Maps each month. And some companies that demanded that customers wear masks were the recipient of fake reviews posted by anti-maskers as a way to get back at them. Luckily, Google stands guard to make sure that these fake commends and ads are taken down.

  • WatchBox secures $165 million to fund expansion

    WatchBox secures $165 million to fund expansion

    Luxury watches online platform, WatchBox, has raised US$165 million of equity capital led by The Radcliff Companies and The Spruce House Partnership.

    The lead investors were also joined by CMIA Capital Partners together with other existing investors. The funds raised will be invested in scaling its digital platform and expanding into new markets, according to the company.

    “Our investors and partners hail from a wide range of industries, from consumer to technology, finance, and professional sports, yet we are all bound by our love of watches,” said Justin Reis, co-founder, and global CEO at WatchBox. “With that foundation, we are now able to use technology to create the best customer experience in the industry.”

    Founded in 2017 by Justin Reis, Tay Liam Wee, and Danny Govberg, WatchBox has global locations in the US, Hong Kong, Singapore, Switzerland, and Dubai, with additional locations on the way. WatchBox is endorsed by professional athletes and watch enthusiasts including Giannis Antetokounmpo, Chris Paul, Devin Booker, and Karl Anthony Towns.

    “We are reshaping the way high-value luxury is transacted online,” added Reis. “We built our proprietary concierge platform to enable efficiency and scale as we build personal connections with collectors around the world.”

  • WatchBox opens in eight new cities

    WatchBox opens in eight new cities

    Luxury watch retailer, WatchBox, is accelerating its expansion plan with eight new locations, including its debut in Tokyo.

    The brand said it will open five stores during the next six months. The eight new locations will be rolled out by the end of next year with five in the US and three international locations – Zurich, Riyadh, and Tokyo.

    “This is an incredibly exciting time for WatchBox,” said Justin Reis, global CEO of WatchBox. “We have seen profitable growth year-over-year and expect to achieve 40-per-cent revenue growth this year.”

    The company said it will reach US$300 million in net revenue this year, exceeding US$1 billion in lifetime revenue before the end of the year. WatchBox currently has a presence across Dubai, Hong Kong, Neuchatel, Singapore and the US.

    McKinsey & Company estimates the primary and secondary watch markets will grow from US$66 billion to US$97 billion by 2025.

  • Leaked promo confirms when Samsung will unveil two new foldables and a pair of new watches

    Leaked promo confirms when Samsung will unveil two new foldables and a pair of new watches

    A week ago, we passed along images of the devices we expect Samsung to introduce at its next Unpacked event, the second for 2021. Those products include the Samsung Galaxy Z Fold 3, the Galaxy Z Flip 3, the Samsung Galaxy Watch 4, and the Galaxy Watch 4 Classic. The huge leak had been posted on Twitter by tipster Evan Blass.

    On Saturday, Blass posted a promo from Samsung Russia that confirms that the next Unpacked will take place on Wednesday August 11th. The promo says that the event will start at 17:00 Moscow time (or 5 pm ). That equates to 10 am Wednesday Eastern Daylight Time.Leaked promo confirms when Samsung will unveil two new foldables and a pair of new watches

  • 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.

  • Swiss Watchmakers Believe In-Store Shopping Will Prevail

    Swiss Watchmakers Believe In-Store Shopping Will Prevail

    Despite the pandemic, Swiss watchmakers believe in-store shopping will prevail over digital platforms. The majority of Swiss watchmakers believe that bricks and mortar stores will remain the preferred sales channels for their products and will prevail over online in the coming years. This, despite the recent impact of the pandemic and accelerated digitalization.

    In-store experiences are still viewed as an essential part of the customer journey, and companies are investing considerably in experiential brand marketing. Pessimism is rife among Swiss watch industry executives with 85 percent forecasting a grim outlook for the industry. Despite the challenging outlook, the industry is not complacent, prioritizing omnichannel strategies, delving into the pre-owned market, and shifting towards more sustainable and ethical ways of production.

    Hopes were high in January 2020 for a positive year for the watch industry after a challenging 2019. COVID-19 had other plans leading to one of the most disruptive periods in the history of the Swiss watch industry. Over two-thirds (67 percent) of watch industry executives surveyed in the Deloitte Swiss Watch Industry Study 2020 predict a gloomy outlook for the Swiss economy in general, with 85 percent forecasting a grim outlook for the industry specifically which shows the seriousness of the current situation and the monumental challenge for the industry.

    COVID-19 has hit the industry hard and the emerging second wave is a stark reminder that the crisis is not yet over. The decline in exports has affected entry-level quartz watches even more acutely, a segment suffering since 2012. The collapse of global tourism due to travel restrictions, which is likely to continue in the coming months, a drop in domestic demands due to the lockdown, and cautious spending habits are having a direct impact on the industry. Production halts in China exposed gaps in some of the producers’ supply chain and inventories, perhaps leading to a rethink of regionalizing production back to Switzerland.

    Over 70 percent of Swiss watch executives believe that offline channels will continue to dominate digital ones across all price brackets. Over 60 percent of brands surveyed are prioritizing the development and strengthening of their omnichannel strategy. The in-store experience is an essential part of the customer journey, which is why executives are looking to implement experiential brand experiences, a mobile-driven workforce, and mobile apps to enhance their in-store customer experience. Technologies like augmented reality or virtual reality are not prioritized at the moment.

    For an industry that largely relies on the emotional connection from seeing and handling luxury watches, the challenge moving forward will be how to combine physical and digital with so-called phygital experiences. This will be essential to create not only a seamless journey for customers but also increase resilience should another lockdown happen, Karine Szegedi, Head of Fashion & Luxury at Deloitte Switzerland, said.

    When it comes to which marketing channels influence consumers’ decisions to buy a watch, print ads are still most influential in Switzerland and Germany, while in France, China and the U.K., in-store events have the greatest impact. Social media and influencers are most effective in Hong Kong, UAE, and Singapore. Radio and TV are still quite important in many countries, showing the importance of getting the marketing channel mix right.

  • Hublot opens its largest flagship in Tokyo

    Hublot opens its largest flagship in Tokyo

    LVMH-owned watchmaker Hublot has opened its largest flagship store yet in Tokyo’s Ginza shopping district in Japan.

    Called “Hublot Tower”, the new flagship features a 56-meter-high artistic facade with glass panels scattered with mirrored tiles.

    Located on Chuo-dori Street, Hublot’s Ginza store occupies a 300sqm space, spanning three floors. The store’s design was inspired by the cosmopolitan city, using different materials such as mirrors, glass, marble and metal to create a contemporary style.

    “In only 40 years, Hublot has seen many firsts and many successes, and today is again another milestone for our Maison,” said Ricardo Guadalupe, CEO at Hublot.

    “We have long had a presence on the most prestigious streets in the world’s metropolises and from today in Japan too, our number one market. Hublot Tower is a symbol of the fusion of modernity and tradition that we ardently pursue and uphold in all our actions.”

    All of Hublot’s collections, including the brand’s latest limited-edition Big Bang GMT All Black Yohji Yamamoto watch, can be founded on the store’s first floor. The second-floor houses a VIP experience room, and the third-floor exhibition space.

  • Chinese Prestige Time Experience store opens in Hong Kong

    Chinese Prestige Time Experience store opens in Hong Kong

    Hong Kong’s first Chinese Prestige Time Experience store has launched in Yue Hwa.

    Opened by Sun International Concepts, the outlet serves as a platform to showcase multiple Chinese watch brands, aiming to promote Chinese watch culture against the backdrop of the coronavirus outbreak.

    As the first platform for Chinese watch brands in the territory, consumers can find long-established brands such as Seagull, Shanghai, Beijing and Peacock – all of which have a 60-year history – alongside modern brands.

    A “Lab Tourbillon” area within the store introduces a variety of designer watches highlighting and introducing advances in Chinese tourbillon craftsmanship to the Hong Kong market.

    The 80,000sqft Yue Hwa store has traded in fine Chinese products within Hong Kong since 1959.

  • Tommy Hilfiger watch store opens in Manila

    Tommy Hilfiger watch store opens in Manila

    The Philippines’ official Tommy Hilfiger distributor Take Wizer Industries has launched the world’s first Tommy Hilfiger watch store in Quezon City.

    The store opened on January 23 at the Upper Ground Floor (UGF), City Center, SM North Edsa, featuring an interactive photo booth for customers to try on the watches for sharing on social media.

    “It’s a great venue to showcase how Tommy’s reputation for fashionably chic iconic apparel translates into the watch design,” said Wizer Industries VP marketing Rainier Jacinto. “The boutique’s design is minimalist but retains a sense of Americana, taking after its parent brand’s h

    “Its pristine look and clean lines give customers the opportunity to focus their attention and appreciation on the workmanship of the timepieces. We’d like to showcase how dynamic a store concept can be by rolling out something really fresh for the Philippine market.”

    “Manila is the perfect market for modern fashion accessories which Tommy Hilfiger watches are known for,” he added.

  • Panerai opens its first airport boutique – in Hong Kong

    Panerai opens its first airport boutique – in Hong Kong

    Florentine luxury watchmaker Panerai has opened its first-ever airport boutique, at Hong Kong International Airport.

    The new store is the sixth opened in the Hong Kong area and joins existing locations in Canton Road, Landmark Prince’s, IFC, Times Square and Tsim Sha Tsui Centre.

    The new 27sqm boutique stands out for its blend of tradition and future, inviting clients to discover the Maison’s heritage, craftsmanship and technical expertise.

    The brand says the concept of the design and materials used, such as the oak wood and burnished brass, are a reminder of the sea and the heritage of the brand whose roots lie in the history of the Italian Navy.

    Panerai now operates 126 boutiques throughout the world.

  • Breitling opens new concept store at Hong Kong airport

    Breitling opens new concept store at Hong Kong airport

    Swiss luxury watchmaker Breitling has opened a new boutique at Hong Kong International Airport.

    The new outlet features the brand’s industrial loft concept, inspired by mid-20th-Century interior design. The boutique is located at the departure level of Terminal 1 East Hall at HKIA.

    “We especially opened our new boutique at the HKIA as it not only represents Breitling’s century-old association with aviation but we also hope to share our brand history and DNA with travelers all over the world,” said Breitling CEO Georges Kern. “To celebrate the opening of this boutique, the new Aviator 8 Mosquito watch, inspired by the legendary de Havilland Mosquito plane, will be exclusively available in the HKIA store.”

    Modern-retro elements in the store include a neon Breitling logo from the 1940s and 1950s and yellow mesh walls with the stylized “B” vintage logo combined with bespoke furniture. The boutique brings together all of Breitling’s collections, including the latest novelties and some exclusive limited editions. In addition, the boutique also features a VIP area for more personal and discrete customer service.

  • DFS Group launches ‘World of Watches and Jewelry’ event

    DFS Group launches ‘World of Watches and Jewelry’ event

    Travel retailer DFS Group is launching its first ‘World of Watches and Jewelry’ event through October, targeting millennial, fashion-minded clientele and first-time watch buyers.

    The event is described as “a celebration of watches and jewelry” and will be held in five T Galleria by DFS stores globally: Macau, Hawaii, Okinawa, Guam and Saipan.

    The stores will host a series of activations featuring more than 40 watch and jewelry brands, including 10 that are new to DFS.

    “With our discerning millennial customers in mind, we have sought to develop and curate relevant products and experiences that respond to their needs with creativity and flair,” said Matthew Green, senior VP watches and jewelry at DFS Group.

    The ‘World of Watches and Jewelry’ is interpreted through four themes that reflect the different moods and lifestyles of our consumers.” Those are: Time to Move, Time to Think, Time to Play and Time to Style.

    In addition to this, in Macau, DFS has teamed up with SevenFriday to create a curated pop-up that includes a relaxing lounge bar and a game of chance to win a range of prizes. A Swarovski pop-up featuring mystical moon and star motifs adorns the space, highlighting the Swarovski Symbolic and Swarovski Remix Collections. And Tag Heuer will celebrate it heritage and its presence in motor-racing in collaboration with Aston Martin. Limited-edition watches will be on sale, inspired by Aston Martin’s racing cars.

  • Breitling unveils new shop at K11 Musea in Hong Kong

    Breitling unveils new shop at K11 Musea in Hong Kong

    Swiss luxury watchmaker Breitling has unveiled a new concept boutique at K11 Musea, featuring a “modern retro loft style”.

    Occupying a 620sqft space in the new shopping centre, the Breitling boutique features an industrial loft-style concept which the brand says is inspired by a mid-20th-century heritage building and adding modern-retro elements, including Breitling’s neon logo from the 1940s and 1950s.

    “Opening our boutique in the K11 Musea underscores the importance of the market in Hong Kong for our brand. Our new approach blends contemporary design with inspiration from our rich heritage and longstanding ties to aviation,”  said Georges Kem, CEO at Breitling.

    “We think it is perfect to launch our new concept store here since K11 Musea is built upon a rich cultural history in the city; its innovative vision and sophistication for exclusivity and bespoke products coincides with the values of our brand.”

  • Richemont watch Sales Drops

    Richemont watch Sales Drops

    Richemont has brushed aside the gloom and doom of the global watch market, reporting sales of its watches and jewelry grew by 10 percent in the year to March.

    While figures for Swiss watch exports show sluggish sales to Hong Kong and the US this year, Richemont’s brands, which include Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, and Officine Panerai, seem to have some degree of collective immunity.

    The company says jewelry and watch sales did very well in both the US and Asian markets.

    Richemont has reported net more than doubled to €2.79 billion euros (US$3.12 billion) for the full year, largely driven by a one-off gain of €1.38 billion euros relating to its acquisition of Yoox Net-A-Porter Group (YNAP).

    Sales reached €13.99 billion, 27 percent up on last year when including the recently acquired online businesses YNAP and Watchfinder, and up 8 per cent with those companies excluded.

    By brand, the growth was led by jewelry brands Cartier and Van Cleef & Arpels, with IWC and Jaeger LeCoultre, also posting higher growth.

  • Sincere Fine Watches opening in Changi

    Sincere Fine Watches opening in Changi

    Sincere Fine Watches has opened a multi-brand boutique at Jewel Changi Airport.

    The only luxury multi-brand watch store at the newly opened airport shopping center spans 183sqm and was inspired by Jewel’s dome-shaped facade and modern architecture.

    Glass and rose-gold elements are used throughout the boutique, combined with warm-brown hues on the wooden panels and shades of copper to create a welcoming aura.

    The new boutique brings together 20 international labels, some of them relatively new to the market. They include Armin Strom; Baume & Mercier; Blancpain; Bremont; Graham; Hamilton; IWC Schaffhausen; Longines; Maurice Lacroix; Mido; Montblanc; Panerai; Omega; Rado; TAG Heuer; Tissot; and Tudor.

    Sincere Fine Watches plans more brands and timepieces exclusive to the Jewel Changi store soon.