Chinese Watches to Challenge Cheaper Swiss Brands, Parmigiani's Jacot Says

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Chinese Watches to Challenge Cheaper Swiss Brands, Parmigiani's Jacot Says

Post by docrwm on Mon 24 Jan 2011, 9:51 pm

http://www.bloomberg.com/news/2011-01-20/chinese-watches-to-challenge-cheaper-swiss-brands-parmigiani-s-jacot-says.html

Chinese watchmakers will challenge producers of lower-priced Swiss watches because they can make components at prices Switzerland can’t match, the chief executive officer of luxury brand Parmigiani said.

“If I was producing a cheap watch, honestly you have to go to China,” said Jean-Marc Jacot, CEO of Parmigiani, whose average price is $70,000. “You have no solution. It is too expensive to produce in Switzerland.”

Swiss watchmakers including Cie. Financiere Richemont SA, the maker of Cartier and IWC watches, said this week that the strength of the Swiss franc, which gained 19 percent against the euro in 2010, will weigh on profitability. That will intensify the pressure to use Asian components in watches because Swiss- made parts are becoming more expensive, Jacot said.

Chinese producers such as Tianjin Sea-Gull Watch Manufacturing are offering more complex watches, including some of the most difficult features to build such as tourbillons, spinning metal cages that adorn luxury timepieces. The Swiss makers have an edge given their heritage and pedigree, said Tom Russo, who manages about $3.5 billion at Gardner Russo & Gardner in Lancaster, Pennsylvania, including shares of Richemont.

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more at source

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Re: Chinese Watches to Challenge Cheaper Swiss Brands, Parmigiani's Jacot Says

Post by porschefan on Mon 24 Jan 2011, 9:57 pm

Well, yeah. In Switzerland, the workers have some sort of healthcare plans, a higher standard of living, environmental laws for manufacturers... not to mention wages higher than a couple dollars a week.
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Re: Chinese Watches to Challenge Cheaper Swiss Brands, Parmigiani's Jacot Says

Post by docrwm on Mon 24 Jan 2011, 10:03 pm

porschefan wrote:Well, yeah. In Switzerland, the workers have some sort of healthcare plans, a higher standard of living, environmental laws for manufacturers... not to mention wages higher than a couple dollars a week.

I think it important to recall that Monsieur Jacot's watches average, AVERAGE, $70k. Shocked

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Re: Chinese Watches to Challenge Cheaper Swiss Brands, Parmigiani's Jacot Says

Post by porschefan on Mon 24 Jan 2011, 10:03 pm

So? scratch

I read that, and remembered it.
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Re: Chinese Watches to Challenge Cheaper Swiss Brands, Parmigiani's Jacot Says

Post by docrwm on Mon 24 Jan 2011, 10:07 pm

porschefan wrote:So? scratch

I read that, and remembered it.

So, his perspective on what a "cheaper Swiss brand" would include Rolex, Omega, etc.

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Re: Chinese Watches to Challenge Cheaper Swiss Brands, Parmigiani's Jacot Says

Post by porschefan on Mon 24 Jan 2011, 10:14 pm

From my perspective, I don't see what make his watches any better than Rolex or Omega... except he doesn't sell as many, and still does some big time sponsorships of events, I guess that's why he charges so much.
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Re: Chinese Watches to Challenge Cheaper Swiss Brands, Parmigiani's Jacot Says

Post by docrwm on Mon 24 Jan 2011, 11:33 pm

porschefan wrote:From my perspective, I don't see what make his watches any better than Rolex or Omega... except he doesn't sell as many, and still does some big time sponsorships of events, I guess that's why he charges so much.

No disagreement here. But then, I don't own any fancy Swiss watches.

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Re: Chinese Watches to Challenge Cheaper Swiss Brands, Parmigiani's Jacot Says

Post by porschefan on Tue 25 Jan 2011, 1:08 am

Swiss Watch Maker:




Chinese Watch Maker:


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