Piaget managing director Dimitri Gouten explains how Hong Kong is pivotal for reaching China’s growing numbers of prosperous consumers

"We believe that China will be market number one in the world in the years to come," he said.  "We know there are many new millionaires in Beijing and we will shortly start selling our jewellery there, as well as our watches, so we think there is a market even for our most expensive items."

Hong Kong is the firm's regional office for most of Asia, including Thailand, the Philippines, Singapore, Taiwan and Korea, but China is its most important target area, says Mr Gouten. "We see China as the market with the biggest potential of any of our markets worldwide."

He added: "We have been well established in Hong Kong for more than 10 years and we have had a presence in China since then.  Hong Kong was chosen as the regional headquarters to direct the operation in China because of its excellent communications and other facilities."

Mr Gouten himself was appointed last year to head the operation probably because of his strong local connections.  His Parisian father Francis Gouten was formerly Asian managing director of Cartier in Hong Kong and Dmitri Gouten grew up and went to school here.

Mainland stores perform well

Piaget opened a freestanding boutique in the Palace Hotel, Beijing, in 2001 and will open another one in Harbin this month.  The third will be opened in Shanghai this July. There are also 25 points of sale with retailers in China.  In Hong Kong the brand has two boutiques and 30 points of sale.
 
"The boutique in Beijing is working very well," Mr Gouten said. "We have reached our sales target and the location is one of the best in the mainland.  In Shanghai we are going into Plaza 66, which is the best location. We waited some time to get it."

He added that the men's watches sell very much better in China than the women's, but the most expensive, the jewelled watches which can reach a price of over HK$9 million (US$1.16 million), also sell.  "Men in China love our diamond watches with gold bracelets," he said.  But the new stainless steel watch launched at an entry price of HK$30,000 (US$3,857) is also selling well and they believe they are reaching the growing prosperous middle class of China. 

Exhibitions have been held throughout the mainland during the past year showing historic timepieces from the company's museum collection.

"We believe in the future and we believe firmly that Hong Kong will ride to future prosperity again on the heels of an increasingly economically strong China", Mr Gouten said.

Related link:
Piaget www.piaget.com