Malaysia Watch Forum
Main Forums => General Discussion - Modern Watches => Topic started by: TheHobbit on January 19, 2012, 07:17:26 AM
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GENEVA(Dow Jones)--Compagnie Financiere Richemont SA's (CFR.VX) Officine Panerai brand will invest heavily in new boutiques and production in the next year, its chief executive said Wednesday.
The brand, which typically sells watches for about EUR16,000, will add another 15 boutiques by the end of March 2013 to the 33 it already has.
"We are changing our distribution, reducing wholesale and increasing the retail because we are confident retail will be a part of our future," Angelo Bonati told Dow Jones Newswires in an interview at the Salon International De La Haute Horlogerie show in Geneva.
"The new boutiques will improve our sales for sure, but they will also improve our image. Image is more important than sales, especially at the beginning because image produces sales."
Bonati declined to reveal what the current balance was between retail and wholesale revenue for Panerai, but said selling through its own branded boutiques is more profitable.
Four of the new boutiques will be in Asia--in Bangkok, Shanghai, Macau and Hong Kong--with one in Sao Paolo, Brazil. There will also be four more set up in the Middle East and three in North America, with the location of the remainder still to be decided.
"If you don't have your own retail in Asia you are nothing," said Bonati.
The company will also start building a factory in Neuchatel, Switzerland, in March, which will enable it to increase production and improve efficiencies.
Panerai will be recruiting extra staff for the new factory, which is likely to replace an existing plant in the city when it opens at the end of 2013. The company employs 130 people in production, but this could be increased to 300, Bonati said.
Richemont doesn't release sales results by brand, but Bonati said 2011 had been one of the best years for Panerai.
He said he still expected sales growth in 2012, but declined to give figures. "Europe is weak, the U.S. is weak, but Asia is still strong," he said.
Wonder what happen to the KL Boutique? Still opening in KLCC? Anyone?
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GENEVA(Dow Jones)--Compagnie Financiere Richemont SA's (CFR.VX) Officine Panerai brand will invest heavily in new boutiques and production in the next year, its chief executive said Wednesday.
The brand, which typically sells watches for about EUR16,000, will add another 15 boutiques by the end of March 2013 to the 33 it already has.
"We are changing our distribution, reducing wholesale and increasing the retail because we are confident retail will be a part of our future," Angelo Bonati told Dow Jones Newswires in an interview at the Salon International De La Haute Horlogerie show in Geneva.
"The new boutiques will improve our sales for sure, but they will also improve our image. Image is more important than sales, especially at the beginning because image produces sales."
Bonati declined to reveal what the current balance was between retail and wholesale revenue for Panerai, but said selling through its own branded boutiques is more profitable.
Four of the new boutiques will be in Asia--in Bangkok, Shanghai, Macau and Hong Kong--with one in Sao Paolo, Brazil. There will also be four more set up in the Middle East and three in North America, with the location of the remainder still to be decided.
"If you don't have your own retail in Asia you are nothing," said Bonati.
The company will also start building a factory in Neuchatel, Switzerland, in March, which will enable it to increase production and improve efficiencies.
Panerai will be recruiting extra staff for the new factory, which is likely to replace an existing plant in the city when it opens at the end of 2013. The company employs 130 people in production, but this could be increased to 300, Bonati said.
Richemont doesn't release sales results by brand, but Bonati said 2011 had been one of the best years for Panerai.
He said he still expected sales growth in 2012, but declined to give figures. "Europe is weak, the U.S. is weak, but Asia is still strong," he said.
Wonder what happen to the KL Boutique? Still opening in KLCC? Anyone?
Mr. Bonati is a genius....ever since he took over...the Panerai brand became a household brand and of course price also increase tremendously. Great design and I love the Historic models.
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the problem with Panerai new strategy is too may Limited or Special Edition...and lets not forget the PAM 318 scandal....
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@Hobbit
Anyway, sources saying there will be one in KL? I hope they didn't abandoned us M'sian :Blue:
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@Hobbit
Anyway, sources saying there will be one in KL? I hope they didn't abandoned us M'sian :Blue:
Suppose to be one opening in KL, rumour to be in KLCC. Perhaps the principal (Panerai) is not impressed with the local partner, seeing the delay in the opening in Singapore and worst the recent incident with the staff there. Oh well.....
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@Hobbit
Anyway, sources saying there will be one in KL? I hope they didn't abandoned us M'sian :Blue:
Suppose to be one opening in KL, rumour to be in KLCC. Perhaps the principal (Panerai) is not impressed with the local partner, seeing the delay in the opening in Singapore and worst the recent incident with the staff there. Oh well.....
Was just telling my wife about the Sngapore incident. Why he did that just blow me..He's the manager for god's sake..
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Was just telling my wife about the Sngapore incident. Why he did that just blow me..He's the manager for god's sake..
Yeah sad really, hope everything works out in the end. Panerai is committed to delivering to the customers what was promised, so in the end the guys will get their watches. I guess in an overall view, it is a learning process for Panerai and also us as consumers.
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What happened in SG? I must have missed it.....!!!
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Yalor... what happened in singapore ??? ???
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What happen pls share ......
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Here's the link to it. (mods please delete if not appropriate)
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_757416.html
Singapore Panerai boutique's ex-manager allegedly took $109k from clients :Confused:
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Thanks for the share. Wow he not scared meh of the SG police??? Different la if over here.....LOL. :Laughing_on_floor:
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R the manager still around??? O police have take action
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but is it the Panerai origins is still there after they been sold to the Richmont..?
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but is it the Panerai origins is still there after they been sold to the Richmont..?
The same could be said about Breguet, VC, IWC, etc.
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wonder when we will have our own Panerai boutique in Msia :)