China’s growing luxury watch market and Fiyta Timepieces

With China’s ongoing economical boom and growing middle and upper-class, the luxury goods market there rises with it.  This is great news for the haute horology industry, who has suffered with the global economic downturn over the last couple years. Piaget actually found 60% of its sales in Asia, primarily in China, with 13 boutiques there.  Cartier found double-digit growth in Asia, with an impressive 31 boutiques in China alone.  Other top luxury watch makers are flocking to the Asia-Pacific region, with a focus on China, to build-up sales, as sales in Europe and America slip.

This reminds me of the premier luxury watchmaker of China, called Fiyta. While only available in the Asia market, they have had strong success since founded in 1987. Following the Hong Kong style horizontal business model, they have separate parts manufacturers that all specialize to create their watches. Since these watches are not created completely in-house they have been dismissed by traditional watch aficionados. While high-end Swiss watches are growing in China, Fiyta still holds a solid market there with the young, affluent, business class, age 20-30, who can’t (yet) afford a High-end Swiss alternative.

Fiyta uses Japanese quartz movements predominantly, but has expanded it designs in recent years. They even have their own ‘square’ tourbillion that is featured in their high-end models. Fiyta also has incorporated exotic case materials like their Swiss counterparts, such as ceramics and tungsten. They made international headlines in 2008 with their Spacemaster watch, which is the Chinese Space Program’s official watch, which went along on a space walk. Fiyta aims to continue to develop its own style, while maintaining Chinese tradition as well. Fiyta wants to continue to build its own brand and tradition and not copy their Swiss counterparts. Proof of this is they manage a network of shops that represent 70 Swiss brands in China. They say that representing Swiss watches strengthens their brand and culture, and distinguishes their style as unique to China and their customers.

I’m a big horology fan so I’m intrigued to see how Fiyta grows in the new world economy, how they will remain true to their roots and if they start selling in Europe or America. Check out my horology links and the video of Fiyta's Space Watch at Basel 2010.

Interview with Fiyta's Director Bruce Du [via horlogerie-suisse]

Basel World: the premier watch and jewelry tradeshow [via baselworld]

Two of my current favourite watchmakers reside in Switzerland (of course), one being relatively new upstart Hublot with their ultra-popular Big Bang watch. Hublot jumped onto the scene in the 80s without much of a splash, but really heated up with a new CEO who released the Big Bang model. The Big Bang is a huge presence in pop culture, with its simple, purposeful design that can be dressed with a variety of colors, materials and styles. Hublot has made many partnerships and sponsorships and has released limited Big Bang models to celebrate them that have been very popular. The Big bang has been spotted on the wrists of many famous celebrities and athletes and even in movies themselves. Audemars Piguet with their higher-end and more complex designs has renowned by horologists for over a hundred years. Since their inception in 1875, Audemars Piguet has stayed at the forefront of chronograph style, design and technology. They also have an ‘Haute Jewellery’ shop that specializes in crafting high-end jewellery that incorporates their fine watches.

Follow the links to check out some of popular and interesting models by two of my fav watch brands, plus one link for 5 hot new chonographs:

Hublot Big Bang: The Celebrity Watch [via sute101]

Audemars Piguet- Among The World's Best Timepieces [via infobarrel]

5 Unique Luxury Watches [via associatedcontent]