The iconic Swiss watch brand celebrated the opening of its newflagship store this week on the boulevard des Capucines in Paris, alongside the 50th anniversary of its Carrera line of sport and chronograph watches.
“Tag Heuer is on a roll,” commented chief executive officer of Tag Heuer, Stéphane Linder, who was appointed company CEO this summer. “Paris Opera gives us 180 boutiques in 57 countries, with another 20 set to open in 2014, including a third Paris flagship on the Champs-Elysées. We’ve opened more stores recently than any brand in luxury. And we’re just getting started.”
Recently the Swiss brand reported to Reuters that they expect to witness a single-digit sales growth this year but is planning to outdone market growth approximations by 5 percent in 2014. “We're expecting to be in positive territory for the year as a whole,” added Linder. This year Swiss watch exports rose 1.9 percent during the first nine months of 2013, due to a shrinking demand in China and a slow economic revival in the US.
However Tag Heuer remains positive and due to the addition of its new factory, hopes to double their current production of mechanical chronograph watch movements to 100,000 by 2016. In an effort to become more independent from Swatch Group, who currently provides moving parts to the company but has chosen not to sells its parts to any competitors by 2019, Tag Heuer has invested 40 million Swiss francs into its own manufacturing facilities over the past five years.
The brand is currently developing two movement watches, as Linder believes that chronograph watches could be key to winning more sales in the Chinese Market. “The Chinese don't like chronographs, not yet, and we need a new, stunning watch model to develop this segment,” said Linder to Reuters. With new flagship stores set to open in London, Milan, Madrid, San Francisco, Singapore and Beijing, it looks like Swiss watch brand is not worried about its future.