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Fortune Character August 2014

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The magazine of Fortune Character - China's leading wealth club that is delivered to 184,000 Chinese multi millionaires.
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  • LUXURY BUSINESS ]

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  • LUXURY BUSINESS ] THE CHINA MARKETIN THE EYES OF THE HEADS OF TEN WATCH BRANDS

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    Luc Perramond, CEO, La Montre Herms

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    Business is now becoming more stable in China to a level which is closer to the normality since the government has taken some decisions against corruption.The fast speed with which the Chinese consumer has become knowledgeable and sophisticated about luxury objects is phenomenal.They are very interested in the high craftsmanship and the heritage of the House, which offers quality and creativity in terms of design, functions and philosophy.We continue to offer timepieces of exceptionwhich highlight craftsmanship and creativity and which surprise our customers.We are still reinforcing internal distribution through Herms watch dedicated stores all around China in order to guarantee the best environment of our products. On top of this, we also focus on self-purchase and the women's market.We need to consolidate our position as a legitimate watch manufacture with strong history and high craftsmanship, while highlighting our VLQJXODULW\DVZHGRZLWKRWKHU+HUPqVREMHFWV0RUHRYHUZHKDYHWRQGthe right balance between growth and exclusivity. It was not possible to increase the business at the same rateas we have for the past years. Now we are achieving a progression to a normal rate. There is always a very high demand for quality objects in China which can last over generations. There is a huge market potential with the development of the upper middle class and the growing appetite for luxury.Our Arceau is doing very well thanks to its round shape and classic lines appealing to men and women, available with an in-house manufacture movement.

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    Philippe Lopold-Metzger,CEO, Piaget

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    The China watch market is one of the biggest markets in the world, and still shows a lot of potential. This is a challenging time however because of uncertainty in the economic

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    growth and a more cautious attitude from consumers. Gifting is going down, but people are buying more and more for themselves. Overall, classical watches are selling better. And also jewelry is experiencing a very rapid growth.The Chinese market is impressive by its volume and fast evolution. Chinese consumers are very diverse, from newcomers to true experts with an impressive watch knowledge. They are quick learners and very hungry for information. The consumers were traditionally men, but the share of women is growing. If some women are keen on the technical side, most are interested primarily in design. Our strategy is to set up a China-wide network of boutiques and shop in shops, and to develop our brand awareness. A critical factor is also to have a very good service center. We want to continue to develop both our watch and our jewelry business, and keep a balanced business between

    men and women. Our exclusive retail network and the service we can provide thanks to our professional staff is our best tool to educate customers on our brand. The chase for talented staff is probably our main challenge, but this is not VSHFLFWRRXUEUDQGI am very opt imist ic about the business with Mainland Chinese, both in China and abroad. Chinese customers recognize and appreciate true luxury products for their design, their exclusivity, their craftsmanship DQGWKHLUTXDOLW\3LDJHW LVGHQLWHO\Dtrue luxury brand, and the Chinese have been loyal clients for the past 25 years. Our bestselling model in China for men is the Altiplano, an ultra-thin watch, elegant and classical. For women, our bestseller is Limelight Gala, a great mix of creativity and modernity. Both models are icons and WRXUEUDQG'1$

  • ] LUXURY BUSINESS

    Lily Chang, Zenith Greater China General

    Manager, Zenith

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    Business is for sure tough under the current macro environment, but Zenith has very positive sell-through in China even under a sluggish overall market situation. It is actually very encouraging for us. The Chinese Market and Chinese customers evolve very quickly in many different aspects, this has impressed me the most.On top of fact that the market is really huge, brands need to take different dimensions for making better decisions, as the Chinese customers are open to different products. The adaptation seems to be much faster than other markets.Zenith is a catalyst for change, we are definitely up and ready to the fast changing pace.We aim to continuously build brand awareness. In 2014, the launch of Synopsis is absolutely the key for us.Combining El Primero, our legendary movement with the upgraded escapement system plus the iconic Open from the house gives customers a great new option when it comes to choosing a three hand watch. The El Primero is the most famous movement in the watch industry and we are very proud of it.In 2015, we will be celebrating our 150 year anniversary. Brand awareness is our biggest challenge. Also, brand building is a long term investment. It doesn't come easy.The current policy has returned the China market back to "normal" in terms of EXVLQHVVFRPSRVLWLRQ,QWKHORQJUXQWKLVSXVKEDFNWRQRUPDOLVGHQLWHO\WKHright direction.From our brand's point of view, it is a real battle to recruit new customers. It is GHQLWHO\DSHUIHFWWLPHWRUHYLVLWWKHVWUDWHJ\DQGUPXSWKHJURXQGZRUN$QGDPDUNHWWKHVL]HRI&KLQDZLOOGHQLWHO\JR IRUZDUGZLWKQRGRXEW MXVWXVLQJDGLIIHUHQWDSSURDFKZLWKH[LELOLW\WRHQJDJHWKLVIDVWFKDQJLQJPDUNHWFor the time being, everything from a simple three-hand watch to a moonphase and a power reserve are well received. Also, our lady moonphase offering is very strong in terms of both price and design. Chinese customers are keen for mechanical movement with classic design. As a result, as a manufacture brand, =HQLWKQDWXUDOO\WVLQWR&KLQDPDUNHW2QHWKLQJWRSRLQWRXWWKHFKURQRJUDSKKDGORQJEHHQSHUFHLYHGYHU\GLIFXOWWRsell in China. We are delighted to see our El Primero Chronograph selling well, especially as we launched the Synopsis, the only three hand Zenith equipped with the El Primero movement.

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  • Sylvain Dolla, President, Hamilton Watch

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    China is doing very well. Hamilton has been developing at a strong pace in China, opening shops in more than 300 stores in the main urban areas cities. The American Spirit and Swiss Precision of the brand is very well perceived by the Chinese. Moreover, we are delighted to be also attracting a younger clientele.The Chinese consumer has a true knowledge and affinity when it comes to mechanical watches. He really values authentic brands. When it comes to the market, their entrepreneurial attitude is very impressive as is the high standard of their stores in terms of merchandising.Hamilton continues to strengthen its distribution network and at the same time invest in marketing to broaden brand recognition with a wider audience.For the third consecutive year we are organizing the Hamilton Behind The Camera Awards in Shanghai this autumn, where we celebrate and honor off screen talent of the Chinese movie industry. The Chairperson of the jury this year will be the famous Hong Kong director, Madame Ann.Reaching a wider audience with the Khaki Line outside of the main urban areas is our major objective for 2014 and beyond.Hamilton sees huge growth potential in the middle range and remains in a strong position for sophisticated mechanical watches between 6,000-12,000 RNB. China will surely be the number one market for Hamilton.

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    Our best selling watch is the Jazzmaster Skeleton. With an exclusive Hamilton caliber -- it is already a top seller after being on the market for only eight months. There is also a ladies model available using the same movement.

    LUXURY BUSINESS ]

  • Edouard Meylan, CEO,

    H. Moser & Cie.

    Our business in China is growing as we doubled the number of points of sale for H. Moser & Cie between 2013 and 2014.I am very impressed by the Chinese customers' ability to learn and adapt. A few years ago, the Chinese market and Chinese customers were seen as followers. Today they set the trends.The product knowledge of the customer has increased tremendously, keeping watchmakers on their toes. Even on the business side the quality of retail and the sophistication of communication media are amongst the highest in the world.We are working to further grow our retail network and eventually, once we are ready, open one or maybe two mono brand boutiques.We want to continue to build brand awareness in a clever and creative way. It is such a big market that you can

    spend a lot of money without being noticed if youre not careful.The taxes are a real challenge for us. ,WLVGLIFXOWWRVHWDSULFHWKDWDOORZVus to generate a little bit of margin.For an up and coming brand like H. Moser & Cie there is a lot of potential despite the recent slowdown overall. TheChinese market is still growing.Today,China is 15-20% of our global sales and it could probably grow to 30%.The Endeavour Small Seconds and the Perpetual Calendar Rose Gold with a silver dial are our best selling products in China. Because these are extremely elegant watches, very ingenious and with the highest value for money.In the future I expect our new Venturer Small Seconds Red Gold with silver dial to become another success story for us in China.

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    Marc Glser, Managing Director,

    Maurice Lacroix

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  • It cannot be denied that the Chinese market for Swiss watches is very challenging this year, and as challenges come, they bring changes to the business model of the whole industry. Retailers, EUDQGVVKRSSLQJPDOOVHWFDUHDOOQGLQJFDUHIXOVROXWLRQVWRULGHthis tide. This is part of the cycle, in which we at Maurice Lacroixcan QGDVSDFHWRDOVRPDNHRXUFKDQJHVLQDSURPLVLQJZD\7KLV\HDUwe have made new important strategic partners due to the need of alliances in this macro environment; we have taken our time to focus on marketing such as a new brand ambassador and different local promotions; we have started to look into new retail models. With all these effort made, it prepares the ground work where we can continue our growth at a sustainable speed.Everyone says that Chinese market is huge as China is a huge country. However for me, I can see that those who said this has made an overly generalized comment. Although China is huge, different provinces and different cities provide totally different environments for business. If you don't understand every city and its customers' behavior, there is little chance you will succeed in the Chinese market.Maurice Lacroix has been in the Chinese market for over 10 years. We have a good base and a network of points of sale throughout China. Customers in China generally agree that Maurice Lacroix provides good products with quality and value for money, especially when they have seen our technical capabilities at our Manufacture in Sagnelegier, Switzerland. Aligned to the brand strategy, we have a foundation of successful product development, comprehensive market insights to provide what the market needs, strong technical capabilities as our backbone; and our next step is to promote these values of our brand to end consumers. Why certain brands are so successful even if these technical capabilities don't really exist is because of active promotion, so we have better qualities and we will promote them.:HKDYHMXVWFRQUPHGDQHZEUDQGDPEDVVDGRU:HWKLQNWKLVQHZambassador matches well with our brand's value of "Your time is now". Meaning we work hard to deliver the best qualities, and we also enjoy the success now. We live our life to the fullest. We are authentic and time will prove it. With this brand ambassador, we will have a big launch event in Beijing in July, followed by a series of promotions in different cities.The biggest challenge Maurice Lacroix has in the China market is high competition as every brand is so keen to take a share from this cake. Even so, we at Maurice Lacroix have an advantage as we have the perfect products at a perfect price point for the China market. And customers also agree our products provide quality and real Swiss craftsmanship. Therefore I see the keen competition as a motivation to make ourselves even better, and I would not be too concerned about the growth prospect of our brand Maurice Lacroix in China.Everything is a cycle. A cycle has its highs and lows, they just bring evolution and new opportunities. We at Maurice Lacroix, a brand daring and willing to ride the tide with our customers, also with all the foundations we are building, we are very optimistic about our growth prospect in China.In China, we are still a relatively small brand with selected distribution (80 points of sale). But with all the elements we have, meaning right products, right prices, good quality, continued effort of marketing and promotions, the growth we can have in China is huge and realizable. +RQJ.RQJDQG&KLQDWRJHWKHUDUHDOUHDG\DWRSYHPDUNHWIRUXVOur best selling model has been PT6158 metal bracelet due to its clear design and useful functions.

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    Pascal Raffy, Owner, Bovet

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  • The history of the House of Bovet began in Canton, when Edouard Bovet arrived there with three timepieces that immediately gained favor with the Emperor of China, who thus became our Houses first collector, followed quickly by the great dignitaries of his Empire, and later his people. Although Bovet encountered immediate worldwide success, China has always been an important market for our House. A number of enameled timepieces decorated with gems and pearls still are on display in the Forbidden City, including one which is present in the central chamber. Our continued presence in China is explained simply by the fact that the country is home to many connoisseurs DQGFROOHFWRUVRIQHZDWFKHVIn the last decades, it is in Hong Kong, Macao and Taiwan that Chinese collectors were able to discover our latest collections. Even if, it is still the case nowadays, our SDUWQHUVKLSZLWK6ZLVV+RXVH'.6+a very experienced company assuring professional distribution for luxury goods, also since the 19th century in Asia Pacific, allows us since two years to build our presence in Mainland China through very selected points of sale. This being said, and as far as quantity has never been the essence of our existence, but rather uniqueness for tradition and values we will take all the necessary time to implement this

    presence. Our timepieces are all about patrimony and passion for beautiful watchmaking art. It is mandatory, that our partners share these values. Nevertheless, we are more than happy and proud of our results in Mainland China.For almost a decade now, I have been pleased to observe Chinese collectors steadily growing interest in Bovet timepieces. Our partners in Macao and Taiwan report how much Chinese collectors appreciate discovering Bovet WLPHSLHFHV$ERYHDQGEH\RQGWKHQHcraftsmanship itself, they appreciate the ancestral decorative arts that we defend and cultivate. They also observe the consistency between 19th century Bovet pocket watches and the respect for tradition embodied in our contemporary timepieces. Quite obviously, the models we are SURGXFLQJWRGD\QDWXUDOO\DOVREHQHWfrom the progress in terms of watch components afforded by modern technologies. Nonetheless, Chinese collectors, like all others, recognize Bovets commitment to defending one of the most precious assets of our civilization: respect for a watchmaking philosophy based on authentic cultural traditions. True luxury is above all a question of education.We are pursuing our development according to our long-term strategy. The control we have over the quality and the quantity of the timepieces we manufacture will continue to let us master our development. Our vision, which is the most challenging, is the gift to be able to do all of our movements in-house and to succeed in that beautiful challenge, every day, and to create a perfect harmony so understanding

    between our engineers, watchmakers, craftsmen and our customers.2014 is another year of journeys around the world to meet collectors of different traditions and cultures in order to share together the beauty and uniqueness of our timepieces for the most beautiful expression of time.Private diners and technical conferences with a permanent discovery of art in every country are my program for 2014 and beyond. I think it is a moral duty to better understand our collectors in order to beautifully express time, answering to their legitimate tastes. We grant the same care and the same attention to detail to each timepiece we PDQXIDFWXUHZKDWHYHULWVVSHFLFLWLHVcomplexity and level of complication may be. The same applies to various areas where the House of Bovet is present. The Chinese market is, however, very dear to us because it is a part of our historical markets. Indeed, thanks to Edouard Bovet, the name of Bovet became part of everyday speech in China in the 19th century to indicate watches of high quality! The fame of our House thus built itself from its inception. China represents a very important market for high watchmaking and we find a real culture and a watchmaking education there, so I am convinced that China still has an excellent growth potential

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    ] LUXURY BUSINESS

  • LUXURY BUSINESS ]

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    China is still a new market for us but a very exciting one, we have been retailing in Hong Kong for a while and opened our boutique there last year which has exceeded expectations. We always knew we had some strength in the expatriate market but what has been encouraging is the growth in the mainland Chinese consumers.What I did not expect from the Chinese was their thirst for new information and respect for English Luxury brands. Naturally everyone thinks of Swiss Made when it comes to watches, but there are surprisingly large numbers of Chinese who want to be different and are buying our watches.We are in no rush for China but know it will be a huge market for us in the future, we are currently looking to promote ourselves there but we will

    keep our distribution very selective. 2014 is a big year for us in China as we are making a real focus on it as we look to introduce ourselves into the market. We have a blockbuster OPVKRZLQJWKHUHODWHURQLQWKH\HDU"Kingsman: The Secret Service," that will be featuring our watches, and another partnership being announced in the Autumn. Marketing works but what really drives markets is my brother Nick and myself visiting and getting to know the press and retailers to build the long term relationships, as with building watches, it all takes time and we are in no rush.As with any new market there are always many challenges as we look to promote our brand, but I feel in China it is getting across the amazing history of British watch making and what an important role it played in the world of watch development. There is a reason that the world sets its time by Greenwich Mean Time!I am optimistic for our position in the market because I feel we are doing it in a conservative way and building long term foundations. If we look at the general market, there have been some highs and lows and it is going through DGLIFXOWWLPHDWWKHPRPHQWEXWWKDWis no bad thing if you want to build long term substance.China is a big part of everyones brand because they buy in every major city around the world. For Bremont, I doubt it will ever be our biggest market but will be in our top three.Out of the core collection, our best selling watch is the MBII because it is such a unique watch but still quite classic in its design. Our Limited Editions also always sell very well.

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  • ] LUXURY BUSINESS

    Christophe Claret, Owner and founder, Christophe

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    For the time being we are experiencing, as most of the brands, a slowdown LQWKHGHPDQGUHHFWLQJWKHFKDQJHVLQWKHSXUFKDVLQJSDWWHUQRI&KLQHVHcustomers. The transition from gift giving purchases to personal purchase will take some time.Quite a few elements are impressive in the Chinese market -- the potential size of the high-end market in the long term, the geographical size and diversity of the market, the constant challenges in the various distribution channels. Regarding the customers, it the speed and capacity to absorb new values, new trends, new tools. Our strategy is to develop the Christophe Claret brand awareness based on our authentic values and true manufacture. We are able to show 25 years of innovation in watch movements. These movements have allowed us to build four distinct collections addressingthe various needs of Chinese customers -- traditional, daring extreme, gaming watches and ladies. We are also planning thedevelopment of our distribution network within China with very exclusive partners. Last but not least we will look into setting up the customer service process at the same time as we develop our distribution.Our plan is to setup press and collector meetings in key cities and to setup one or more manufacture visits beforethe end of 2014. For 2015 and looking into the local market conditions, we will setup a few branded points of sale allowing us to presentour entire range of products in the market.We have to manage the size of the market and develop the brand awareness. We have to communicate about the authentic creative and in-house manufacturingcapacity of the Brand. Going forward in the long term we are very optimistic about the Chinese market. For the time being. we have to learn to be patient. If you take the long term view, then China is and will be one of if not the key market for our Brand.The best selling piece for Christophe Claret for our Chinese customers is the traditional-cased Soprano featuring the Westminster minute repeater with cathedral gong and tourbillon.

  • LUXURY BUSINESS ]

    Yvan Arpa, Owner, Artya Timepieces

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    Honestly, the market is slower than before, but we have some VIP clients who will not take anything other than an Artya watch in order to look very different, as we have watches different from anything that any other brand offers. And, this comes at a very affordable price which doesn't cause a problem with the new rules of the new president.I havefound my Chinese customers very loyal to the brand, very knowledgable about the brand and the story behind every piece. They are very open to new ways of doing things. We will keep our VIP strategy and open only very motivated points of sale. We have, at the same time, more and more direct sales through our online store at artya.com.Our challenge is to keep the exclusivity of our high end brand at a very affordable price.I am very optimistic about the future of Artya in China. We are currently living in a more relaxed period before some new prosperity to come.7KHQHZ&ODVVLF(GLWLRQZLWKUHDOEXWWHU\ZLQJVDQGWKH6RQRID*XQ5XVVLDQRoulette are our best selling watches in China.

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