Wednesday, February 10, 2016

Saudi Arabia: The Home of Luxury Watches

Being home to around 20 million customers, the Kingdom of Saudi Arabia is the top key market in the Gulf region which is sought after by the best luxury brands in every aspect. The Luxury watch brand Officine Panerai is no different. The Officine Panerai brand is an Italian-Swiss luxury sports watch brand, who completely understand that here in the Kingdom of Saudi Arabia, the buying power is mainly represented in the royal personnel and the VIPS. Officine Panerai currently has 3 boutiques located in the Kingdom of Saudi Arabia, which are in Dammam, Jeddah and Riyadh. The brand also works hand in hand with two retailers Aly Bin Aly in Riyadh and Jeddah, and Universal Jewelers in the eastern province.

The boutiques are located on the ground floor and can be accessed quite easily by the customers. The managing director for Officine Panerai, Milvin George stated while talking about his expectations of the market in Saudi Arabia, he confirmed that the retail environment is somewhat different. There are new malls emerging and have various diversified trends.  The MD added that being a luxury sports watch brand, Officine Panerai is expecting a growth in the market in Saudi Arabia with at least double digits. The market in Saudi Arabia is an exponentially growing market and the brand is a niche brand having no high production. The brand also has around 66 boutiques and an additional 300 stores which are located all around the world.

Milvin George added that the Officine Panerai brand has a unique DNA, with a Swiss-Italian heritage and make, the prices range between SAR 30,000 to SAR 800,000. Currently there are no direct competitors in the Saudi market, however the brand sets the benchmark with other highly luxurious brands such as Omega, Louis Vuitton, Rolex and Audemars Piguet ( the last two being my favorite watch brands) since the brand is in such a unique position.

The Officine Panerai brand goes back to 1860 when they were the primary watch makers for the entire Italian navy. From the year 1938 up to 1993, only a total of 300 watches had been produced, that too in secret. People would only come to find out about them via family members who might be in the navy. Currently the dial size of the watch is at 40 mm which would also be used by stylish ladies. The design has not been changed, but has instead been modified.

In the year 2002, Officine Panerai became a manufacturing brand and opened the first plant in the year 2005. It had been the first owned movement located in Chattel, Switzerland. The brand has worked on their technical side to offer various functions. These include an 8 day power reserve, and also a separate mini dial with the GMT or any other time zone. The watches are made with some of the best materials in the world and have been equipped with a wide array of colors to be attractive to everyone.

Source: Al Arabiya

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