Dubai - MENA Herald: In the face of plummeting crude oil prices consumers in the UAE are still spending big on high-end accessories – in particular Swiss-made luxury timepieces. According to a recent report from Euromonitor International*, export figures from the Federation of the Swiss Watch Industry show the UAE is now listed amongst its top 10 international export markets.
While owning a luxury watch may have become de rigueur for wealthy consumers in the UAE, the demand for timepieces, which incorporate style with functionality, has also been growing at a steady pace. Instead of Philip Stein’s market share being threatened by the expansion of the smart watches sector, Chadha says such devices are more of a complement to the brand as opposed to a competition: “They actually serve to validate our product – all the smart devices in the market are predominantly devices to monitor your performance, whereas ours is the only product in the world that actually enhances your performance,” he says.
Philip Stein, one of the world’s leading Swiss watch and jewellery manufacturers, has seen growth in excess of 700% within the UAE market over the last two years. Dubai-based Precious Times DMCC has the sole selling distributorship rights for the brand in 41 countries - including throughout the Middle East. By the end of 2016, Philip Stein products are set to be available in more than 100 retail outlets across the UAE, including Dubai’s first Philip Stein boutique which is due to open in the Burj Al Arab later this month.
To ensure that the Philip Stein brand meets consumers’ demands in the region, Precious Times has recently formed a strategic partnership with Damas and Al Futtaim. Philip Stein watches and accessories are currently available in 36 UAE-based Damas retail outlets, expected to increase to 80 outlets by the end of this year. In Al Futtaim’s Watch House outlets, Philip Stein is focusing on their affordable classic collection and signature as well as exclusively selling the limited edition Lea Salonga watches.
“The UAE has a reputation for being one of the world’s top luxury retail destinations, but what’s interesting to note is consumers’ growing appetite for high-end yet high-tech wearable products,” says Dambir Chadha, chairman of Precious Times. “With this in mind, Philip Stein is seeing impressive market growth throughout the region as a result of its premium products which fuse quality Swiss craftsmanship with pioneering technology. Indeed we believe wellness accessories represent the future of watches.”
The brand has established a worldwide reputation for its wellness products, all of which incorporate a Natural Frequency Technology (NFT) disc designed to channel natural, beneficial frequencies towards the wearer’s body to help counter the potentially harmful exposure of modern technology. Philip Stein’s iconic watches and bracelets are designed to help wearers feel more focused and less stressed, while Sleep Bracelets encourage optimal sleep patterns so wearers awake feeling refreshed and alert.”