ZURICH - Luxury watch maker Officine Panerai-Firenze is famed for its big and bulky World War II-era wrist pieces. But its best sellers are now becoming smaller and smaller, largely due to the might of Chinese buyers.
"China, for the first time in the history of the brand, will become our No1 country this year," said Jean-Marc Pontroué, chief executive officer of Panerai, a unit of Swiss luxury group Richemont."Now that we have a clear view of how big China is for the brand, how much even bigger it could be in the future, we know where to focus our investments."
Louis Vuitton held its latest men's show first in Shanghai in August. The annual international watch fair for Richemont brands known as Watches & Wonders - an elite industry event hosted usually in Geneva - was brought for the first time to Shanghai this week. In April, the Geneva fair was replaced by an online version.
LVMH's China sales last quarter rose more than 65 per cent from a year ago while the overall revenue for the wine-to-watches luxury group dropped 38 per cent. Estee Lauder Cos Inc's sales in mainland China jumped 60 per cent while Kering saw over 40 per cent rise in sales after a hit in the first quarter.
It'll open two stores in Hainan in the next two months after its first pop-up store achieved"exceptional" success, Mr Pontroué said. China recently expanded its tax-free rules in the island of Hainan.