Omega, Swiss luxury watch manufacturer, has opened its fourth store in Malaysia. This is according to an article by Star Online, which states that the store is located at Suria KLCC.
In a statement to the daily local, Raynald Aeschlimann, president and CEO, Omega said that the brand over the years has established a presence in the country and is confident that it now an ideal time to further expand in Kuala Lumpur.
The article states that the new store is inspired by elements such as air, water and sunlight and recreates a natural look.
The new boutique, located on the first floor of the mall, is a crucial part of the retail strategy of the brand. The company opened its first boutique in 2006 in Starhill Gallery, Kuala Lumpur, followed by a store in Pavilion Kuala Lumpur and Gurney Plaza, Penang.
In the recent times, the global luxury watch market has experienced exponential growth. Research firm, Research Nester in its latest report titled "Luxury watches market: Global demand analysis and opportunity outlook 2023, highlighted that with the emergence of new players, the luxury market is poised to become a new revenue collector segment for big brands by 2021.
According to the report, currently China holds the top position (50.33%) in producing luxury watches. This is followed by Switzerland, North America and Europe. When combined, these regions account for 40.4% share in the global market luxury market.
Factors like LAM (look at me), increasing fashion trends, expanding e-commerce market, rising per capita income are expected to drive the global luxury watch market. However, the high cost, copies or replicas being sold at a much lower price and lack of government laws for the luxury watches segment are some of the factors that would work as a roadblock for global luxury watches market, said the study.