Vacheron Constantin plans China expansion
The flat sales gained by its parent company Richemont has not deterred Swiss prestige watch brand Vacheron Constantin from continuing its expansion in China.
Vacheron Constantin plans to open two new boutiques in Shanghai and Beijing this year, in addition to its existing 10 boutiques in the country, along with smaller points of sales to boost sales.
“In the top segment in China, we are the leader and we continue to grow,” said CEO Juan- Carlos Torres.
The watch brand will grow its manufacturing output from 22,000 timepieces last year to 25,000 this year.
While more and more Chinese are spending abroad, the CEO is optimistic about the potential of the boutiques in China as it give Chinese a chance to examine timepieces as well as provide watch services.
According to a research by Digital Luxury Group, demand for luxury watches in China remains strong despite the economic slowdown and uncertainty linked to the political changes.
Vacheron’s parent Richemont reported just five per cent rise in its third quarter total sales as Asia Pacific markets slowed.