Your choice of wristwatch reveals as much about you as your handshake.
For connoisseurs of style, a watch is a statement of prestige and status. For men, and now, increasingly for women, it is like a badge of honour that creates a lasting impression.
In an article published in the International Herald Tribune (March 2, 2006), Albert Bensoussan, Director of Louis Vuitton Watches, said the luxury wristwatch is not so much about telling time anymore. "You have the time all around you, in your car, on your computer, at your office. It is about self-expression."
Louis Vuitton launched its first watch in 2002, the Tourbillon Tambour, which reflects the luxury of self-expression. The watch can be personalised to incorporate the initials of the owner onto its face and prices start at 15,000 euros (Dh77,460). It takes six to eight months to produce each watch and the company has been averaging one watch per month since its launch.
Redefining quality
Mark Victor Hansen, co-creator of the popular self-help series Chicken Soup for the Soul and an impassioned luxury watch collector, says that watches can redefine the quality of life. According to Hansen, "Watches capture people's attention and start conversations. It is a great talking point for people who have everything."
A mix of conspicuous consumption and the feel-good factor accompany wearing a great watch. At boardroom meetings, where you cannot make an impression with your Porsche or your Lamborghini, the watch can make all the difference and can reveal as much about a person as the handshake.
The Middle East accounts for 5.3 per cent of the global watch market, with the UAE and Saudi Arabia among the top 15 countries in the world for Swiss watches.
Quentin Simonet writes in Haute Horlogerie: "For Swiss watchmakers, the developing countries have become the new Eldorado. While China and Russia top the polls, Dubai has been no less well positioned on the world watchmaking map in the last two decades. It has experienced breathtaking acceleration in the last five years."
Dubai has demonstrated growth rates in double figures both for gross domestic product and for imports of Swiss watch making products, says Simonet.
According to Federation of Swiss Watch Industry statistics, Swiss watch exports to the UAE touched Dh256 million during the first quarter of 2006. Swiss watch exports to the UAE amounted to Dh1.04 billion in 2005.
Michel Nieto, Chief Executive Officer of luxury Swiss watchmaker Baume & Mercier, who visited Dubai in November 2006, said: "The region has been experiencing economic expansion at a greater speed than ever before offering significant business potential for us. International business interest in the Middle East is on a sharply rising trend and, over the past three years, figures for trade, shipping, industrial investment, construction and other key indicators of the emirate's business activity have all shown highly positive growth and these factors augur well for the watch industry."
Where luxury watches are concerned, Dubai caters not only to the local population but also to its vast trading hinterland.
Tawhid Abdullah, Managing Director of Dubai Gold and Jewellery Group and Damas, is quoted in Business Intelligence, Middle East, as saying: "The regional luxury goods sector will reach a value of $100 billion (about Dh367.8 billion) by 2010, of which $8 billion (about Dh29.4 billion) will come from high-end watches and jewellery."
Swiss products
During the first half of 2006 the value of Swiss luxury watches sold to the UAE was $175 million (about Dh643.65 million), a 12.2 per cent growth compared to 2005. "We expect the luxury watch market to reach $4 billion (about Dh14.7 billion) by 2010," says Abdullah.
Early in 2007 Damas unveiled the prestigious Faberge precious watch collection in Dubai. For men there are two collections — Agathon and Carree.
While the former exemplifies masculine elegance and classic coolness, the latter captures the nostalgic charm of the hand-wound timepiece. Anastasia and the Agathon Medium Lady Series for women embody self-confidence.
"In recent years the request has been for pink and red gold in the high-end segment instead of bicolour or yellow gold watches," says Manuel Emch, President of Jaquet Droz, a prestige and luxury watch brand that belongs to the Swatch Group.
"The craze is towards bigger watches, and those with an integrated philosophy movement-case-dial. There has also been the accession of real dial design on watches. Luxury watches are more inclined to follow fashion as they are often considered an accessory to match the outfit," says Emch.
Made to order
A major trend is "certainly the request for exclusive and tailor-made watches. As today's world is going more global and cultural differences tend to disappear, there is a growing demand for personalised and exclusive timepieces as people need to feel special and affirm their identity," says Emch.
Clients of Jacquet Droz invest an average of 25,000 Swiss francs (Dh78,170) for a classical gold watch. "The prices for our complicated models range from 30,000 to 60,000 Swiss francs (Dh93,800 to Dh187,600), especially for editions integrating a retrograding moon phase system, a jumping hour indication, a chrono mono pusher or a perpetual calendar. Tourbillons are sold at about 150,000 Swiss francs (Dh468,990) depending on the model.
The high and prestige range of watches from the Swatch Group include Rado and Omega. Rado's success lies in the philosophy behind the brand — pioneering spirit, continuity and putting people first. According to Rado President Roland Streule, "We do not want to simply manufacture watches that cater to current tastes. Our watches should have the potential to become classics because of their individualistic form and their scratchproof materials."
The latest timepieces from Omega include the De Ville Hour Vision, Seamaster Planet Ocean Orange Mecanique, Seamaster NZL-32 Chronograph and Speedmaster Broad Arrow among others.
Cartier, with a good market in the Middle East, has the Ballon Bleau de Cartier as part of its latest collection. The watch is rounded, classical and original and, with its blue crown, draws a line between past and future. La Dona from Cartier is a crocodile talisman, whose bracelet's trapezium form mirrors a crocodile's asymmetrical profile.
The Pasha Seatimer Yellow Gold Watch is also a new collection from Cartier. It is the traditional Pasha Seatimer chronograph watch with its Arabic numerals and 18K yellow gold bracelet and 42.5mm dial.
"Our customers look for quality, style and value for money. With Dubai being such a melting pot of many cultures, we get a wide client base, varying from young women who want to buy their first luxury watch to businessmen who prefer the limited edition creation from Cartier," says Patrick Normand, Managing Director of Cartier, Middle East.
Top importers
"Luxury watch brands now generate nearly a 10th of their sales in the Middle East. The UAE and Saudi Arabia now consistently rank among the top 15 importers of Swiss watches," says Ayush Kukreti, Senior Vice President Marketing — Strategy and Planning of Appella International.
"Last year, Dubai alone imported about 700,000 premium watches, nearly one watch per inhabitant. Watch imports from Switzerland increased 15 per cent, while those from Asia increased 26 per cent. Middle East consumers are extremely brand conscious and selection criteria for a watch is largely influenced by two variables — the brand name and product design. While women prefer the subtle use of diamonds on the case and dial, men choose to have a flair for movements with varied complications crafted into sporty designs," says Kukreti.
Appella's new watch is the 'slimmest gold watch in the world' in its category and is crafted in 18-carat solid gold. The Shaikh Zayed Collection from Appella is made in 18-carat solid gold and diamonds and is a tribute to the founder of the UAE.
Ulysse Nardine, Jacob & Co, Romain Jerome, Franc Villa and Philip Stein are names that watch lovers and collectors would be familiar with in the Middle East luxury watch market.
Quality and style
Where women are concerned, the aesthetics of a watch is a crucial factor when considering the purchase of a luxury timepiece. According to industry experts, a watch designed for a woman needs to have a particular balance between form and function, with its look taking precedence over any extras, such as the dual time zones or date displays that tempt a man.
With the increase in the number of women entrepreneurs as well as women heads of corporate houses in the UAE, the luxury watch market for the fairer sex is also booming in the region. "For women the process is different from a man. They are looking for something easy to use... Women don't need all the complications the men love. But just like men they look for quality and style," says Bensoussan of Louis Vuitton.
"For the past three years women's watches have grown into a reasonable share of our sales. Women these days have the tendency to go for larger watches and watches in diamond and white gold," says Haissam Chamsine, Vice President, BinHendi Watches and Jewellery.
"Most of our female customers prefer larger cases, for instance the 47mm watches are bought by a lot of ladies from Europe and even the Far East. Ulysse Nardine has a separate line for ladies luxury watches, but in the case of Jacob & Co, men and women can wear the same watch."
