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发表于 2016-7-10 18:29:22
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Before China opened to the world, the government ran large department
stores, which stocked Chinese, Japanese and a few Swiss watch brands. Today the
tradition of large department stores continues with chains such as Parksons on
ambitious expansion programmes. However, as the large groups such as Swatch,
Richemont and LVMH established a greater presence in China, a more exclusive
watch-retailing network beyond the department stores was ripe for
development.
The effect of the arrival of the big watchmaking names is a combination of
the emergence of image building mono-brand boutiques and glitzy multi-brand
watch stores. In addition, the Swatch Group, LVMH (which owns TAG Heuer) and the
Richemont Group have acquired shares in Xinyu Hengdeli, the largest local
distribution network in China with 76 boutiques distributing elite brands such
as Audemars Piguet.
Girard Perregaux and Jean Richard of the Sowind Group are distributed
through FJ Benjamin and their retail chain Shenzhen Harmony World Watch Center.
The Singapore retail group Sincere has opened a Franck Muller mono-brand
boutique in Shanghai.
However, a different approach is that of Peace Mark Holdings Ltd, a Hong
Kong-listed watch manufacturer, distributor and retailer. It has come up with a
clever, turnkey solution for luxury watch brands looking to break into China.
Rather than just offer a network, it has introduced a known western name into
the Chinese watch selling game.
In March 2006, Peace Mark signed a joint venture with Tourneau, the biggest
watch retailer in the US. With 35 shops in the US, Tourneau has more than one
hundred years' experience in selling watches and boasts the biggest watch shop
in the world: the Tourneau flagship Time Machine store in New York.
Founded in 1983, Peace Mark's core business was originally the
manufacturing of mid-range watches for export with production centres in China,
Switzerland and Hong Kong. However, in January 2004, when Chinese legislation
allowed foreigners to operate businesses, Peace Mark saw potential beyond watch
production and their 800 points of sale for mid-range watches, in acting as
retail partners for luxury watch brands. Like other retail partners, Peace Mark
has built up a network of mono-brand boutiques for its clients, shop-in-shops
and jewellery stores, as well as the Tourneau venture.
The resulting company – Peace Mark Tourneau (Holdings) Ltd – already has
two Tourneaus in Shanghai and one in Beijing, with another planned for Beijing
at the end of April. The Macao Tourneau planned for 2008 nestles between some of
the world's newest and glitziest casinos. The aim is to have thirty shops by
2011 and to date, the company reports a 5 per cent share of the Chinese luxury
watch market.
Kevin Tsang, chief financial officer of Peace Mark, comments on why they
approached Tourneau: “Tourneau is not a known name in China but it has
experience in retailing luxury watches and good relationships with the brands,
and we needed its help to shorten our learning curve”. In return, Peace Mark
offers a local management team with knowledge of the market, vital as each city
in China requires separate business licences. “Peace Mark are experts in China
and we were looking for retail expertise and a partner to expand with,” comments
Andrew J Block, executive vice president of Tourneau. “We saw moving into China
as an opportunity and brought our clients along.”
Despite their retailing kudos, Peace Mark Tourneau are not just rolling out
a cookie-cutter store format. “The top floor of our shop in Xintiandi, Shanghai
is a ‘club' with a comfortable area in which to relax with the services of a
wine cellar and a humidor on the premises. The idea is to create a different
selling experience,” says Mr Block. “You wouldn't see this in the US, but it
works for China.”
The product mix aims to be similar to US stores with around 40 brands per
shop. Mr Block reports that the best selling brands are Omega and Rolex with
jewelled watches tending to perform better than in the US. At the same time
there is a growing preference for small, niche brands such as Girard Perregaux,
Parmigiani Fleurier and Ulysse Nardin as the Chinese are very sophisticated
watch buyers. Or as Mr Tsang puts it: “Rich Chinese buy watches”. He also
remarks that brands with traditional styling and heritage sell well and that the
men's market is still stronger than the women's.
Mr Tsang says on the greatest challenge: “With so many brands rushing into
China and competing for space the biggest problem facing watch companies today
is rising rental costs. But the market is growing fast and the brands are
willing to invest which is a good thing.” |
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