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Oriental Watch bullish as sales, profit rise despite Covid impact

(Source: Oriental Watch / Facebook)

While the pandemic continues to disrupt Hong Kong retail trade and restrict border movement, sales of luxury watches are on the improve again according to listed retailer Oriental Watch. 

The company has reported turnover up 3.9 per cent in the year to March to US$463.7 million with profit attributable to the owners of $46.2 million, up 56 per cent. 

Last year offered “a much brighter outlook filled with opportunities” compared to the previous year, and despite numerous challenges to the global economy, said chairman Dennis Yeung in a stock exchange filing.

“As the Covid-19 pandemic situation in Hong Kong, Macau, and the Mainland of People’s Republic of China has been relatively stabilised, we saw a good recovery in consumer sentiment and domestic consumption, supported by the increase in vaccination rate and relaxing social distancing policies in the first three quarters of the year,” he said. 

The company responded to the changing market conditions by focusing on pursuing e-commerce opportunities and enhancing brand awareness. 

“We launched e-commerce platforms catering for the Mainland China and Hong Kong markets, extending our premium service offerings from offline to online,” said Yeung. “Door-to-door watchband adjustment services were also offered specifically in the Hong Kong market to meet customers’ demand for convenient services.”

He said the service helped reach new customers in terms of needs and age, and boosted the company’s agility to navigate an unpredictable market.

As at March 31, Oriental Watch operated 44 retail stores across Greater China, along with new online stores for the mainland and Hong Kong.  

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