Cartier boss: Hong Kong is no longer the Asian hub
Published: Saturday, Nov 11th 2023, 06:30
Updated At: Sunday, Nov 12th 2023, 00:53
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Demand for Swiss watches in the Asian city of Hong Kong has risen sharply since January. Nevertheless, the city is no longer considered the most important hub in Asia, as the head of the watch and jewelry brand Cartier, Cyrille Vigneron, said in an interview.
In the last ten years, Shanghai and various other Chinese cities have gained influence, as Vigneron said in an interview with the "Neue Zürcher Zeitung" on Saturday. Previously, Hong Kong and the Japanese capital Tokyo were the most important export centers.
The South Korean capital Seoul has also gained in importance. According to Vigneron, there will be more centers in the future. A lot is happening in Singapore, Thailand and Malaysia.
Control and atmosphere
Demand from Chinese customers for luxury goods is increasing, especially outside the mainland, said the Cartier boss. One reason for this is taxes. However, the atmosphere in a city is also important. It speaks for Hong Kong. The cities close to Hong Kong, such as Shenzhen or Guangzhou, are also less focused on shopping.
Vigneron expects the Hong Kong export market to return to pre-coronavirus levels this year. This is despite the fact that the euphoria following the end of the coronavirus restrictions has been less than expected. "People have money, but they are thinking about how to spend it wisely," said Vigneron.
Like the manufacturers of luxury watches under the Piaget, IWC and Van Cleef & Arples brands, Cartier is part of the Geneva-based jewelry and watchmaking group Richemont.
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