Swiss watches: Hong Kong losing ground as Asian hub, says Cartier
Although demand for Swiss watches in Hong Kong has risen sharply since January, the city is no longer seen as the hub of Asia, says the director of luxury brand Cartier. Shanghai and other Chinese cities have grown in importance, says Cyrille Vigneron.
Hong Kong and Tokyo used to be the main export centres for the manufacturer of the Cartier watch and jewellery brand, Vigneron points out in an interview published in the Neue Zürcher Zeitung on Saturday. But the situation has changed over the last ten years, he adds.
The South Korean capital Seoul has also gained in importance, according to Vigneron, who believes that there will be other centres in the future. “Things are also moving fast in Singapore, Thailand and Malaysia.”
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“Chinese customers’ demand for luxury goods is growing, especially outside China,” says the head of Cartier, pointing to taxes. But, he continues, the atmosphere of a city is also important. “That’s what makes Hong Kong so strong.”
Vigneron expects Hong Kong’s export market to return to pre-pandemic levels this year: “People have money, but they are thinking about how to spend it wisely”.
Cartier is part of the Geneva-based jewellery and watchmaking group Richemont.
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