China drives Baselworld 2011

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One of the things I noticed about this year’s fair was the amount of classic models. I chalked it up to recession and the demands of buyers for something more discreet, however, a reuters article shed further light:

“But the watch industry is also being pushed into redeveloping classic models, encouraged by Chinese demand.
As a result, many brands are re-fashioning old models such as Tag Heuer which last year launched a new version of its classic Carrera model, endorsed by actor Steve McQueen, which starts at 2,000 euros.

“Chinese prefer classic watches, watches with a heritage,” Guy Semon, Tag Heuer’s (LVMH.PA) vice president for sciences and engineering, told Reuters in an interview. “And as they have become major customers, this has helped drive the brand to return to some of its historical models.”

related links

Reuters: Time no longer the essence for luxury watchmakers

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