Hong Kong losing its crown in luxury Swiss watch market: Panerai CEO

[HONG KONG] Hong Kong's decade-long position as the largest market for Swiss watch exports won't last as other regions see accelerated growth, the chief of top brand Officine Panerai said.

The city, which is seeing tourism plummet amid months of protests, is poised to lose its leadership to the US and China, said Jean-Marc Pontroué, chief executive officer of Panerai, a unit of Swiss luxury firm Richemont. "Even though Hong Kong has a very rich, dense local community plus millions of tourists, it's not long-term foreseeable to keep that leadership," Mr Pontroué said in an interview on Friday in Hong Kong."The potential in some markets has reached its top. Of course, China will continue to grow. The US will continue to grow."

Hong Kong has sat on the throne of Swiss watch sales largely thanks to its status as a shopping haven. With no sales tax, an exotic lifestyle and countless luxury boutiques, the city has become a mecca for shoppers across the globe. Moreover, its proximity to mainland China gives it easy access to the country's wealthy consumers eager to snap up luxury goods.

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