3 reasons why the Coronavirus is really bad news for the luxury watch industry
At the time of writing, the Coronavirus outbreak has already infected more than 70,500 people in China and resulted in 1770 deaths. It’s forced the quarantine of more than 50 million people in China and resulted in travel and visa restrictions to more than 70 countries. If that’s not bad enough, a new article in The New York Times suggests the disease might also plunge the watch industry into crisis. Here’s why … 1. Luxury retail worldwide is massively dependent on Chinese shoppers The article describes how, right now, the luxury shopping precincts of London, Paris, Dubai and Hong Kong are deserted. That’s because the influx of Chinese tourists has suddenly been cut off. This isn’t good news for watch brands, as the NYT explains. The investment bank Jefferies estimates that Chinese buyers accounted for 40 per cent of the 281 billion euros, or $US305 billion, spent on luxury goods globally last year, and drove 80 per cent of the past year’s sales growth in the sector, making them the fastest-growing luxury shopper demographic in the world. François-Henri Pinault is the chief executive of Kering, the international luxury group whose stable includes Gucci, Yves Saint Laurent and Balenciaga as well…
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Launching a completely new watch collection (starting-from-a-blank-page new, not variations on an existing line) is a high-risk game that involves huge costs: the cost of design and development – and if it’s not a resounding success (heaven forbid), the cost to both brand equity and bottom line. No wonder it’s a rare event. Even rarer is the launch of an entirely new collection for women. Partly for the above reasons and also because women, to this day, remain a bit of an afterthought in much of the watch industry. The old “give her something with diamonds and a quartz movement” school of thought has remarkable stamina. So the first whisper that Vacheron Constantin was planning a new women’s collection prompted a discussion with some girlfriends – if there were such a thing as an ideal watch for the 21st-century woman, what would it be? On several points we were unanimous: it should have real presence on the wrist (no fluffy, girly nonsense – and bland is utterly taboo); its design should exude character and confidence (like the women who will wear it); it should be packed with beautifully crafted details; it should show some self-control in the bling department (yes,…
While watches equipped with a moon phase complication aren’t without their detractors, for the astronomically inclined, they are wonderful devices. And, from an aesthetic standpoint, timepieces just tend to look better when they sport some form of moon on their dial. Don’t believe us? Well, take a look at these four watches … maybe they’ll change your mind. CHRISTOPHER WARD C1 MOONGLOW The Christopher Ward C1 Moonglow takes the whimsical moon phase complication and presents it in a fashion that belies its entry-level price bracket. With a galaxy of excellent moon-inspired watches released in July to celebrate the 50th anniversary of the moon landing (July 20, 1969), picking a favourite was never going to be easy. But this one, from the British watchmaker known for putting together a fine value proposition, might just be it. Ref No: C01-40AMP1-S00K0-CK / Case size: 40.5mm / Case material: Steel / Movement: JJ04 / Price: $2530 LONGINES 1832 Classically proportioned at 40mm, this watch strikes the challenging balance of having both a presence on the wrist as well as an understated charm that makes it suitable for just about any occasion where you’re wearing a tie or a T-shirt. Offering a date display around…
Ben came into the Time+Tide offices to buy a NATO strap for his TAG Heuer Monaco. But the conversation quickly turned to the unusual Bulgari diver’s watch on his wrist. Here, Ben explains the backstory behind the purchase and why — despite it contradicting everything he normally likes in a watch — he absolutely loves it. Originally, this was my dad’s watch, but I think he only wore it twice in 10 years. Dad tends to like bigger pieces – he’s also got a Panerai Luminor and a TAG Heuer Link Calibre 5. With this watch, he’d always just say it was “too formal”. So I keep saying, “Let me buy this watch off you! Let me buy it off you!” My dad would always refuse. He’d say, “Ben, I bought this watch for 10 grand. I’m not going to sell it to you.” But I persisted. It’s strange because I don’t really like flashy watches. I probably wouldn’t wear an all-gold watch; in fact, I’d even avoid most two-tone watches. My dream watch is just a white dial Vacheron Constantin Overseas — no chronograph, just nice, plain, simple. But, for me, this watch just had the perfect amount of gold. It’s not…