Companies
Cyma will not bide its time in China
By Yu Ran (China Daily)
Updated: 2011-06-25 09:26
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SHANGHAI - As part of its strategy to move into China's second- and third-tier cities, Cyma SA aims to expand sales of watches designed especially for the Chinese market to 500 in the next five years.
"At the moment, there are more than 130 selling points across the Chinese mainland, mostly in first-tier cities, and we want to develop the Chinese market with the growing luxury consumption market, " said Joseph Wong, CEO for Greater China of Cyma at the company's news conference on Friday.
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"Our watches are mostly welcomed by the younger generation who are looking forward to owning unique high-quality accessories instead of well-known top brands," said Anthony Chu, the company's executive director for Greater China.
Discussing the booming luxury market in China, Wong estimated that the country will replace Japan to become the biggest consumer of luxury products within two years.
"The consumption of luxury goods in China last year exceeded $10 billion, which is one-fourth of the global total and will potentially grow faster in the future," said Wong.
To attract more local customers, Cyma last year designed a series of limited-edition watches containing Chinese elements as a first step toward a closer affinity with the national culture. The characters Fu, Lu, and Shou, which refer to happiness, fortune and longevity, were added to the design for the Chinese market only.
"Cyma launched its first branch in the Chinese mainland in Shanghai last April, which will expand our entire market investment and business development in China," said Wong.
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