A watch is an emotional and long-lasting product and will always find buyers, a top executive said.
After steady growth in first half of last year, there was a slowdown in watch industry exports, according to data from the Federation of the Swiss Watch Industry. Overall in 2018 the value of exports saw a year-on-year growth of 6.3 per cent to $21.09 billion.
Economic indicators, however, show signs of slowdown but Sylvain Dolla, CEO of Hamilton Watch Company, belonging to the world's largest watch manufacturer Swatch Group, said the demand is indeed growing.
"Japan is our top market, followed by Italy, China, Korea and the US. The demand is there in all regions, including the GCC countries. The UAE is a very interesting market like in every aspect it has been growing in the past 10 years. We have 30 outlets in the UAE. We are present in all the best Rivoli stores. The growth is there. Lots of locals are buying watches. We see good movement for Khaki Field collection watches inspired by World War 2," Dolla told Khaleej Times on sidelines of Red Bull event.
"We also have good sales in Lebanon, Jordan and Egypt."
Dolla said the reason why the industry is remaining strong is because watches are seen as an emotional product. "The young generation is surrounded with gadgets but when it comes to celebrating a key moment of their life, they look for things that last and not commodities. We are strongly selling to the 20-25 year-olds."
Hamilton, founded in 1892, has a 127-year-old history in the field of watchmaking. In 1972, it was acquired by Swatch Group. "We have a unique combination of American spirit and Swiss precision. Also, we have partnered with Hollywood since 1952. The products have featured in some 500 movies. We will also be official partner of Men in Black series."
Hamilton comprises 80 per cent mechanical watches and 20 per cent quartz. The group recently launched new Khaki Pilot range in the UAE. "We are focusing on bringing new movements every year. We invest into new designs and finishing. You have to foresee tomorrow's trend. If you start to slip, you will not go further anymore."
As more retail sales are moving online, Hamilton has shown keen focus on e-commerce, which Dolla said, grew 120 per cent last year. "We opened in the US and then we went to France, the UK, Germany and Italy. Now we have opened in Japan, and next in line is South Korea."
Dolla is confident the industry will continue to grow.
"There are not many things, particularly for men, which you can buy and think of it as long term. People need timeless device and elements. So, we have great years ahead of us," he added.
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