The Swiss watch manufacturer IWC is one of the oldest in the world. Executive interviewed its regional brand manager about the company’s sales and the latest trends.
E What is your definition of ‘luxury’?
Luxury to us is the high standards that form an integral part of IWC’s legendary quality, where absolutely nothing is left to chance and where there is one overriding objective: to ensure that every single watch goes on satisfying the demands of its owner for many, many years to come.
E Which brand is your biggest competition in the Middle East?
All luxury brands that are inspired by technical innovations are a competition. IWC is synonymous with technological innovation, functional design, craftsmanship of the first order and durability. Our philosophy is based on untiring enterprise and quality at the highest level.
E Let’s talk about the most luxurious timepiece you are selling at present. How much is it, what is it comprised of? What is the most popular watch you have sold to date?
One of our most exclusive and expensive watches ever sold was the ‘Grand Complication’, until today still the most complicated watch in IWC’s collection, that was ornamented with baguette-cut sapphires. This watch was not produced on order, but was produced in order to exemplify the extent of what IWC can do in the realm of jewellery watches. The Grand Complication took seven years to develop. This outstanding masterpiece has a complex movement with chronograph, perpetual calendar, and moon phase display is powered by energy generated by the movement of the wearer’s arm. Production is limited to 50 watches per year. We have sold these limited edition Grand Complication full diamonds in India and Oman. The average price was around $500,000.
E What are the latest trends in luxury watches in the MENA region? Recently, people have been sporting large, luxurious timepieces. What will be ‘in’ next year?
IWC focuses on men’s watches with this year’s new Vintage collection, as we pay homage to the pioneering spirit of IWC. Big watches are in demand as are watches in steel and precious metals.
E In the last decade, what would you say the demand focus has been? How have manufacturers responded to this demand? How often do consumers buy luxury watches?
The demand in the last couple of years has been for big watches, featuring technical innovations with new colors; brown is a popular color. IWC however does not follow trends but rather sets them.
Our collections, including the most exclusive ones, are often the modern interpretation of the past incorporating the latest technology and new materials. Mostly connoisseurs and collectors buy our products.
E How important is the Middle East luxury watch market? How is this reflected in the consumer demand?
The Middle East is a dynamic and a strong new market with a bold future potential for growth. Demand for our brand in this market has been particularly robust with 75% of IWC collection being sold out. This is a strong indicator and proof for the demand of the brand in the region.
E Of all luxury timepieces, which is your personal favorite? Why?
The IWC Da Vinci Perpetual Calendar limited edition Kurt Klaus for its beauty, technicality, and tribute to such a fabulous IWC watchmaker.
