Cortina Watch forecasts growth in Thailand’s luxury watch sector
Cortina Watch, a prominent retailer and distributor of high-end watches in Asia, is optimistic about the growth of Thailand’s luxury watch sector, forecasting an increase of 5-10% this year. This forecast comes as the company launches its first independent Patek Philippe Boutique in Bangkok.
Jeremy Lim, Cortina Watch’s CEO and COO of Cortina Holdings, expressed confidence in the luxury watch industry in Thailand and Asia, despite the ongoing economic downturn due to geopolitical turbulence and sustained inflation. He praised the resilience of Thai customers, attributing it to the country’s stable economy and currency. He also highlighted Thailand’s robust watch collection culture, with knowledgeable collectors, reported Bangkok Post.
Lim noted the opportunity to serve both older and younger generations of clients, moving away from solely catering to established watch enthusiasts to their offspring. Around 90% of Cortina Watch’s sales in Thailand come from residents, with the rest attributed to foreign tourists.
Singapore currently leads the luxury watch market in the region, with Thailand and Malaysia typically competing for second place. Regardless of potential concerns about a decrease in Swiss watch exports, Cortina Watch’s focus on high-end brands is expected to keep it profitable. Lim suggested that if there were a downward trend, it would likely impact the mid-tier and lower-end brands more significantly.
Cortina Watch recently collaborated with Patek Philippe, one of the oldest and most prestigious watch manufacturers, to open a standalone boutique at the Central Embassy in Bangkok. This adds to the existing seven Patek Philippe Boutiques located in key locations across Asia.
The relationship between Cortina Watch and Patek Philippe dates back to 1972 when Cortina Watch was established. This followed a close friendship that began in 1956 between Anthony Lim, Cortina Watch’s founder, and Henri Stern, the grandfather of Thierry Stern, the current president of Patek Philippe.
Bangkok boutique
Cortina Watch made its debut in Thailand in 2004 with the country’s first multi-brand boutique at Erawan Bangkok, before relocating to Central Embassy in 2017. Following a successful run, Cortina Watch decided to open a Bangkok boutique dedicated to Patek Philippe last year.
The new boutique features a bar area, providing clients with a casual setting to experience the brand in a less traditional sales environment. It aims to attract new customers keen on understanding and exploring Patek Philippe. The boutique also offers a private space for regular customers desiring privacy while browsing collections, enhancing their retail experience.
According to Lim, luxury retail has evolved from merely selling and showcasing products to engaging customers more actively in the retail experience. Patek Philippe timepiece owners will receive an exclusive quarterly magazine from Patek Philippe, while Cortina Watch will provide updates on events and exclusive benefits.
The official opening of this boutique signifies Cortina Watch Thailand’s fifth boutique and the company plans to inaugurate two more boutiques at One Bangkok next year.
In related news, industry leaders urged the Thai government to reassess import taxes on luxury goods to boost competitiveness and tourism. This was part of broader economic stimulus measures proposed by the government.
