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Korea is becoming a new test bed of Asia for luxury watchmakers, industry officials said Wednesday.
Recently, two world-class watch manufacturers chose South Korea for the Asia debut of their new products. On Tuesday, Switzerland’s Roger Dubuis showcased its Black Velvet watch. Priced at 57 million won ($48,300).
In March, another Swiss label, Panerai, opened its first store in South Korea. Company CEO Angelo Bonati came for the opening, reflecting his interest in the South Korean market.
South Korea also became the only Asian host other than Hong Kong of the Grand Prix d’Horlogerie de Geneve, the red carpet for watches, in October last year.
Seoul’s increasing appeal is mostly due to changing sales trends, industry watchers said.
Records from the Federation of the Swiss Watch Industry showed exports of watches dropped 3.3 percent last year from the previous year, the first fall since 2009. Sales in China lost 5 percent, with Hong Kong down 22.9 percent.
Records from Lotte Department Store showed sales growth in South Korea. Watch sales at Lotte grew 33 percent in 2015, up from 19.2 percent in 2012, while at Hyundai Department Store it grew 30.1 percent last year, up from 8.3 percent in 2012.
Industry officials say an anticorruption drive in China and its slowing economic expansion has weakened the country’s demand for luxury goods. South Korea‘s marriage tradition, in which the groom receives a wristwatch as a gift from the bride’s family, is seen as another factor keeping sales up here.
(khnews@heraldcorp.com)
Recently, two world-class watch manufacturers chose South Korea for the Asia debut of their new products. On Tuesday, Switzerland’s Roger Dubuis showcased its Black Velvet watch. Priced at 57 million won ($48,300).
In March, another Swiss label, Panerai, opened its first store in South Korea. Company CEO Angelo Bonati came for the opening, reflecting his interest in the South Korean market.
South Korea also became the only Asian host other than Hong Kong of the Grand Prix d’Horlogerie de Geneve, the red carpet for watches, in October last year.
Seoul’s increasing appeal is mostly due to changing sales trends, industry watchers said.
Records from the Federation of the Swiss Watch Industry showed exports of watches dropped 3.3 percent last year from the previous year, the first fall since 2009. Sales in China lost 5 percent, with Hong Kong down 22.9 percent.
Records from Lotte Department Store showed sales growth in South Korea. Watch sales at Lotte grew 33 percent in 2015, up from 19.2 percent in 2012, while at Hyundai Department Store it grew 30.1 percent last year, up from 8.3 percent in 2012.
Industry officials say an anticorruption drive in China and its slowing economic expansion has weakened the country’s demand for luxury goods. South Korea‘s marriage tradition, in which the groom receives a wristwatch as a gift from the bride’s family, is seen as another factor keeping sales up here.
(khnews@heraldcorp.com)
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Articles by Korea Herald
