Hot Sales of Swiss Watches Seen in Asia

Hot Sales of Swiss Watches Seen in Asia.

"May 20--Growing affluence in Asia, spurred by revived economic growth, is expected to significantly increase sales of upmarket Swiss wristwatches this year.

The increasing number of millionaires in Asia would be the key factor driving sales of high-end Swiss timepieces, said Kenny Chan, managing director of The Hour Glass, a Singapore-based listed company that operates 18 retail shops in nine countries including Thailand.

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Sales in Thailand are expected to grow substantially now that the import tax on luxury watches has been reduced from 30 percent to 5 percent, according to an industry executive. As well, counterfeiting has become less of a concern as for top watchmakers as most of the pieces are difficult to forge.
"Some fake Rolexes cost up to 60,000 baht while we could buy the real one for 100,000 baht," he said, adding that large sports watches would continue to be popular items in the next few years.

To capitalise on the booming market, The Hour Glass will spend S$2 million to stage the five-day Tempus watch exhibition in Singapore from Aug 25-29.

Along with premium timepieces, the event will feature interactive and educational programmes for visitors along with industry seminars.

"It's of a magnitude no one has seen before in Asia. It will be the mother of all watch shows," said Michael Tay, The Hour Glass's deputy general manager.

Tempus is also intended to educate and develop a younger group of prospective collectors.

The show will feature at least 25 renowned brands including Piaget, Breguet, Breitling, Bulgari, Cartier, Chopard and Patek Philippe and Piaget.

In Thailand, GM magazine will organise a tour package to bring Thai collectors to the fair. "