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[Photo provided to China Daily] |
The ongoing austerity drive of the central government in Beijing has affected IWC's sales, Verburg admits, but most purchases by Chinese buyers are done outside of China.
"It's important how Chinese consumer's behavior around the world changes," he says of the present market situation.
Chinese consumers prefer slimmer and smaller watches because of their relatively leaner bodies, explained Verburg. They also love classic models instead of sports that are more popular in the West. The Portofino midsize automatic, a classic piece issued last October, has gained growing popularity among Chinese consumers, he adds.
But luxury watch brands like IWC are facing other challenges these days, notably from tech companies such as Apple, which launched its gold Apple watch in March costing tens of thousands of yuan. The watches are reportedly meant to target rich Chinese.
But according to Verburg, the segments are different because mechanical timepieces can be kept for hundreds of years and passed down between generations.
He likens it to time-tested jewelry that have a long-term charm.
On Tuesday, IWC announced the launch of its digital device, IWC connect, which can be embedded in the straps of mechanical watches to track fitness activities, a maneuver seen as a reaction to Apple's "smartwatch".
