Opening of the largest boutique in South-East Asia

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Opening of the largest boutique in South-East Asia - Patek Philippe
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Cortina Watch opens in Singapore the largest Patek Philippe boutique in South-East Asia.

There is no doubting that Patek Philippe’s current 34.08-metre long boutique façade, located on the second floor of the ION Orchard shopping mall in Singapore, offers high visibility. Once on this level, Patek Philippe fans and collectors will have no difficulty in sighting the much-revered brand name, its iconic Calatrava cross and watch displays.
The length of its exterior is actually a good indication of the size of the boutique. Behind the exterior glass panels is a floor area of 265.48 square metres (2,857.6 square feet). This is a relatively large space for a mono-brand boutique, especially one for timepieces in Singapore.
In fact, its floor area has been enlarged, for the size of Patek Philippe’s original boutique was only 65 square metres (700 square feet). Opened in 2009, this was Patek Philippe’s very first boutique in Singapore thanks to the brand’s collaboration with Cortina Watch.

In late 2015, having taken over the retail space formerly occupied by Boucheron and Chaumet, the boutique underwent four months of renovation works. What has resulted is a fourfold jump in floor space and Patek Philippe’s largest boutique in South-East Asia which was officially opened on 5 April 2016.

Vacheron-Constantin-boutique-Singapore-inauguration

“ We started this Patek Philippe boutique project in 2009. In 2013, Thierry Stern, Patek Philippe’s President, visited Singapore and we discussed the possibility of having a larger boutique. He agreed and we now have a major flagship store for the brand, ” says Jeremy Lim, chief operating officer, Cortina Watch.
“ We are not getting more watches from Patek Philippe; we are enhancing the buying experience of our clients with this investment in time and space with Patek Philippe. We are here to bring information about the brand to clients, ” he adds.

Patek-Philippe-boutique-Singapore-ION-Orchard

Singapore is a natural choice for locating the largest Patek Philippe boutique in South-East Asia. In addition to the Stern family’s blessings (the owners of Patek Philippe), it is the only South-East Asian country among the top 10 destinations for Swiss watch exports. Three other countries among the top ten, namely, Hong Kong, China and Japan, are in North-East Asia.

Of course, one must also bear in mind that many Swiss watches are subsequently re-exported out of Singapore and to its neighbouring countries. In 2015, the value of Swiss watch exports to Singapore amounted to CHF1.13 billion, placing it in ninth spot, just behind the United Kingdom (CHF1.16 billion) and before tenth-placed United Arab Emirates (CHF950 million), according to the Federation of the Swiss Watch Industry FH.

Singapore is deemed a watch hub in this region because of the superior offering of Swiss watch brands available to locals and tourists. The country is the most affluent in South-East Asia with GDP per capita of US$56,285 in 2015, according to statistics from the World Bank. What is also very compelling is the fact that South-East Asia is home to a human population of 624 million, representing 8.3% of the world’s total. South-East Asian countries like Thailand and Malaysia are also among the top 30 destinations for Swiss watch exports.

It is therefore little wonder too, that the second Patek Philippe boutique in Singapore was opened in 2010, once again, under a partnership with Cortina Watch and a year after the very first. The second Patek Philippe boutique is located at the Marina Bay Sands, an integrated resort and iconic landmark featuring a casino, hotel and a large shopping mall.

patek philippe marina bay sand boutique

“ Singapore is an important market for the Stern family. The boutique is not a matter of sales but about the brand’s image and visibility. Moreover, it has been a partnership with Cortina Watch for the past 44 years, ” says Jerome Pernici, commercial and marketing director, Patek Philippe. What is noteworthy is that the 44-year business partnership started the year Cortina Watch was founded – in 1972.

The Patek Philippe boutique at ION Orchard is luxuriously decorated and well-designed in terms of space and privacy. Materials such as Bird’s Eye Maple and Indian rosewood are used for the décor and there is even a private VIP room located to the left of the boutique entrance with a “secret” entrance and exit.

For the January to March 2016 quarter, Swiss watch exports to the main markets in South-East Asia, namely Singapore, Thailand and Malaysia, recorded negative growth. Swiss watch exports to Singapore alone was CHF236.4 million for the quarter, representing a decline of 15.3%. While there is still much uncertainty in the watch markets, especially in this region, one thing is for certain: Patek Philippe is here to stay.

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