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Oris Chairman Sees India Catching Up as China’s Market Falls
Oris is a Swiss company that makes watches.
Its chairman, Ulrich Herzog, says the company had a hard time when quartz watches became popular.
In the 1980s, he learned that young people in Japan wanted watches with mechanical parts that tick and can be wound by hand.
Oris then focused on making mechanical watches.
The company now sells watches at several prices, including models with its own movements.
Herzog says China is still a larger market for Oris, but sales there have fallen a lot in recent years.
He says India is catching up and sees promise in its growing middle class.
Oris already has a boutique in Chennai and is considering another location.
Oris chairman Ulrich Herzog says the company’s China market has dropped sharply over the past three years, while India is catching up.
Herzog and Rolf Portmann led a management buyout in 1982, after the quartz crisis threatened Oris’s future.
Oris shifted away from quartz watches after Herzog saw young Japanese customers seeking mechanical watches; by 1992 or 1993, the company had gone fully mechanical.
The independent Swiss brand draws on its history and develops movements including the Calibre 400 and Calibre 110 series.
Oris has a Chennai boutique with Ethos and is looking for a suitable city for another boutique in India.
- Who
- Oris chairman Ulrich Herzog, speaking about the Swiss watchmaker.
- What
- Herzog discussed Oris’s history, mechanical-watch strategy, market conditions in China and India, and plans for another Indian boutique.
- Where
- The discussion covered Oris’s markets, including China and India, and its Chennai boutique.
- When
- In an interview during Herzog’s first visit to India; he said China’s market had fallen over the previous three years.
- Why
- Herzog said India’s growing middle class and rising market presence give Oris confidence, while its China market has declined.
Key facts
- Company founded
- 1904
- Herzog joined Oris
- 1978
- Management buyout
- 1982
- Shift to mechanical watches
- Oris began phasing out quartz models after 1985 and was fully mechanical by around 1992 or 1993.
- China market
- Herzog said it had dropped quite drastically over the previous three years, but remained larger than India for Oris.
- India presence
- Oris operates a standalone boutique in Chennai with Ethos and is seeking a location for another.
- Price range cited
- Herzog said Oris watches go up to around 6,000 Swiss francs, with volume still needed at 2,000- to 3,000-franc levels.
Quotes
Ulrich Herzog
Chairman of Oris, the Swiss watchmaker
“China was a very strong market, but it has dropped quite drastically over the last three years. China is still bigger than India for us, of course. But India is catching up quite nicely now.”
firstpost.com
Sources
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