A constant evolution and inherent worth have ensured a safe niche for high-end watches in today’s market, stated Narun Thamavaranukup, the managing director of watch distribution firm, PMT The Hour Glass. With smartphones ubiquitous, one might assume wristwatches would lose their charm. However, as Narun says, these timepieces are more than mere instruments to tell time.
For Narun, watches play a number of roles: They are assets, investments, and collectables.
“Our watch enterprise might stay sustainable for a decade even if we cease all advertising actions.”
His company experienced an unexpected impact of the pandemic over the past three years. More free time led to an increased curiosity in watch amassing, notably amongst the younger era, insists Narun.
High-end watches are attracting a demographic considerably youthful than that witnessed beforehand, with individuals aged between 25 and 35 years old now forming the fastest-growing section.
Before Covid-19 struck, Narun famous that watch demand was approximately three.2 occasions their provide. He said…
“In 2021 and 2022, regardless of a product scarcity, demand surged by seven occasions and 12.6 occasions, respectively. The watch business is stuffed with opportunities.”
Impressively, data from the Customs Department showed imports of Swiss watches hitting a high of 13 billion baht in value final 12 months, a big rise from 2019’s 9.fifty five billion.
Narun’s journey in watches began again in 2007 at a Watch Fair in Basel, Switzerland where 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 passion for watch culture and need to put it up for sale in Thailand.
PMT now has grown from two boutiques to 15 outlets in Thailand and Vietnam. By the end of this year, they will launch five new branches in Vietnam, aiming for a complete of 20 boutiques throughout the two countries. From a employees of 20, PMT now boasts over 250 devoted staff and has seen its income surge from 6 billion baht in the financial 12 months ending in March 2023.
PMT’s watch vary contains notable manufacturers like Rolex, Patek Philippe, Hublot, and Tudor, in addition to artisanal watchmakers like Akrivia and DE Bethune. Narun said…
“We take nice pride in managing Patek Philippe’s flagship boutique at Iconsiam and being a quantity one Rolex retailer in Thailand.”
In latest developments, PMT The Hour Glass has branched into the Vietnam market, adding two boutiques in Ho Chi Minh City and Hanoi. Despite going through the pandemic’s challenges, Narun expresses confidence in its ability to grow gross sales, reported Bangkok Post. He believes that the narrative, history, and innovation behind each brand lends them unimaginable enchantment.
“ Gift 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..