Time for a chat

Time for a chat

Kipp speaks with Mohammed Abdulmagied Seddiqi, vice president of Sales and Retail at Ahmed Seddiqi & Sons about the watch industry, and how it’s been affected by the crisis.

August 22, 2009 6:55 by Dana El Baltaji

Kipp: What’s the difference in sales trends between locals and expatriates?

Seddiqi: It depends on the brand. There are some brands Emiratis focus on, which expatriates are generally not interested in. For instance, Emiratis make up 65 to 70 percent of Chopard buyers, whereas expatriates and tourists prefer Tag Heuer.

Kipp: Do you think buyers in the region are aware of how intricate luxury watches are, or do they purchase these watches as status symbols?

Seddiqi: Ten years ago, people would have bought watches because they were a status symbol, or because Mr. X has a similar one, but that attitude is fading.

Today, we feel that people are more educated about the watches they buy; they want pieces because of their craftsmanship, and not because they’re expensive and fashionable. It’s an important shift.

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Tags: Ahmed Seddiqi & Sons, Dubai, Financial Crisis, interviews, Mohammed Abdulmagied Seddiqi, watch industry

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1 Comment

Sushil Kumar on August 25, 2009 9:03 am

Mr. Seddiqi echoes a lot of truth about today’s market realities.
In most brand product pyramids the upper sections have seen drastic or significant slow down since the recession bit, causing average unit sale prices to plummet and impact company values and margins. The ramifications are immense and quite obvious. Whether Japanese or Swiss, watch brands are having to deal with the reality that the recession has set them back and their plans by a good 1-2 years.
Investments in new product lines, Ad campaign budgets and HR outlays are a complicated decision today.