Fail-proof and inherent value have ensured a safe area of interest for high-end watches in today’s market, stated Narun Thamavaranukup, the managing director of watch distribution company, PMT The Hour Glass. With smartphones ubiquitous, one may suppose wristwatches would lose their charm. However, as Narun says, these timepieces are more than mere instruments to tell time.
For Narun, watches play multiple roles: They are assets, investments, and collectables.
“Our watch business could stay sustainable for a decade even if we cease all advertising actions.”
His company skilled an unexpected impact of the pandemic over the previous three years. Accredited led to an elevated interest in watch accumulating, particularly amongst the youthful era, insists Narun.
High-end watches are attracting a demographic considerably youthful than that witnessed previously, with people aged between 25 and 35 years previous now forming the fastest-growing section.
Before Covid-19 struck, Narun famous that watch demand was approximately 3.2 instances their provide. He said…
“In 2021 and 2022, despite a product scarcity, demand surged by seven instances and 12.6 times, respectively. The watch trade is stuffed with alternatives.”
Impressively, information from the Customs Department confirmed imports of Swiss watches hitting a high of 13 billion baht in worth final year, a major rise from 2019’s 9.55 billion.
Narun’s journey in watches started back in 2007 at a Watch Fair in Basel, Switzerland the place he encountered Michael Tay, the group managing director of luxury watch retailer, The Hour Glass. A year later, they launched a joint venture, PMT The Hour Glass, out of their united ardour for watch tradition and need to put it up for sale in Thailand.
PMT now has grown from two boutiques to fifteen retailers in Thailand and Vietnam. By the top of this 12 months, they will launch 5 new branches in Vietnam, aiming for a total of 20 boutiques across the 2 nations. From a workers of 20, PMT now boasts over 250 dedicated staff and has seen its revenue surge from 6 billion baht within the financial year ending in March 2023.
PMT’s watch vary includes notable brands like Rolex, Patek Philippe, Hublot, and Tudor, in addition to artisanal watchmakers like Akrivia and DE Bethune. Narun said…
“We take nice delight in managing Patek Philippe’s flagship boutique at Iconsiam and being a leading Rolex retailer in Thailand.”
In recent developments, PMT The Hour Glass has branched into the Vietnam market, adding two boutiques in Ho Chi Minh City and Hanoi. Despite facing the pandemic’s challenges, Narun expresses confidence in its capability to grow gross sales, reported Bangkok Post. He believes that the narrative, history, and innovation behind each brand lends them incredible appeal.
“The highly refined market by which we operate can’t be disrupted by smartwatches. Even through the challenging interval of the pandemic, our gross sales continued to grow..