DFS Masters of Time

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DFS Masters of Time - Watch exhibitions
3 minutes read
The DFS Masters of Time exhibition is about relationships and time.

DFS, in partnership with Shoppes at Four Seasons, opened its eighth Masters of Time watch and jewellery exhibition in Macau on 3 December 2016. More than 400 pieces from 27 brands are being showcased and offered for sale at this annual event held in the T Galleria by DFS store which runs till the end of February 2017.

Interestingly, for the seventh Masters of Time edition (held from 5 December to 29 February 2016), DFS managed to increase sales year-on-year, discloses Christophe Chaix, DFS Group Senior Vice President, Fashion, Watches, Jewelry and Accessories.

What was behind that improvement in sales? “While 2015 was a challenging year for the luxury business, our goal with the seventh Masters of Time was to curate an assortment of products and experiences that would surprise and delight our customers while ultimately driving sales.

“We focused on our customers and built a broad collection of novelties across all brands and price points to appeal to an increasingly individualist collector looking for something to suit his or her personal taste. We also leveraged on our extremely successful loyalty programme [aptly named Loyal T] which has allowed us through the years to build strong relationships with many of the region’s top collectors. Ultimately, we found this strategy to be successful. We sold amazing pieces across all brands and price points,” says Chaix.

Christophe Chaix

Indeed, much has been learnt over the years and the focus on customers’ needs probably explains why the theme for this year’s Masters of Time is about “relationships”. “This theme is inspired by both the relationships that collectors have with their watches as well as our relationships with our customers.

“We wanted to expand their experience and have therefore brought three exciting exhibitions. These being a Cartier exhibition on fine watchmaking and high jewellery watches, a behind-the-scenes showcase of Bulgari’s Octo Finissimo Minute Repeater, the world’s thinnest minute repeater that is extremely limited in supply but made available here, and the Girard-Perregaux exhibition featuring historic pocket watches, the aim of which is to allow collectors explore their 225-year-old heritage,” Chaix explains.

The Cartier exhibition includes 11 novelties launched at the 2016 Salon International de la Haute Horlogerie and the focus will change in January 2017 to centre on the new Drive de Cartier watch collection. There is also an ongoing TAG Heuer virtual reality experience showcase that began in August 2016 and ends in December 2016. 

In addition to the established watch brands, DFS has added on three independent watch brands for their exhibition: RJ-Romain Jerome, Speake-Marin and Urwerk. In terms of jewellery, Chaix says customers are looking for pieces that reflect their personal style, adding that the top three brands in this segment are Cartier, Bulgari and Tiffany. For watches, he advises clients to purchase what gives them “a true emotion”, not what most would buy or what others tell them to acquire. “Your collection should tell a story and that story should start with you,” says Chaix.

Macau is not only the world’s biggest gambling destination, it is also the only Chinese city where gambling is legal. Macau’s economy depends heavily on gaming revenues. It is said that 60% of its economy is dependent on the casino industry and some 11% on hotels, the retail sector and restaurants. 

In 2013, after hitting a high of 360.75 billion patacas (US$46 billion) in gross gaming revenue (GGR), Macau’s gaming industry declined 34% in 2015 to hit a five-year low and its economy slumped 20% for the year. 

In August 2016, Macau’s gaming revenues rose 1.1%, ending 26 months of continuous decline. Analysts expect Macau to record positive growth in gross gaming revenue (GGR) in 2017, the first since 2013. The Macau government is reported to have forecast gaming revenues of 200 billion patacas (US$25 billion) for 2017.

DFS 2016 Bulgari

With the gaming industry on the mend, the retail industry in Macau is likewise, expected to improve in tandem. This bodes well for watch brands with an existing presence in Macau and those that have recently established a boutique presence such as A. Lange & Söhne and Panerai.

“We were not in Macau five years ago. Today, we have four boutiques in Macau and it is one of the top five [revenue sources] for Roger Dubuis today,” says Jean-Marc Pontroué, CEO of Roger Dubuis. Roger Dubuis is a participating brand in the Masters of Time.

The good news is that the Macau government is also actively diversifying more into non-gaming businesses. The eighth edition of the Masters of Time exhibition is therefore being held against a backdrop of improving economic fundamentals in Macau and an ongoing economic transformation phase. Overall, these are positive developments for the DFS Masters of Time. Well, what more can we say but it is simply about time.