More players from China join watch market
Tuesday, September 10,2019AsemconnectVietnam - At an international watch exhibition held in HCM City, Chinese companies stated that made-in-China watches, with diverse designs and materials and reasonable prices will find a foothold in the Vietnamese market.
Rong Viet Securities commented that the market is fragmented with no distribution brand holding more than 20 percent of market share.
Seven years ago, PNJ, a well-known jewelry brand, jumped into the watch retail sector. To date, it has opened 22 PNJ Watch shops where thousands of models from 23 brands are being displayed.
Doji, another jewelry brand, joined the market last year. However, it is taking cautious steps in the new playing field distributing only 61 watch models from three brands - Emporio Armani, Michael Kors and Versace.
The Gioi Di Dong, joining the market last March, has been expanding its network very quickly. Just within two months, it has opened 18 watch shops and has had monthly revenue of VND10.8-18 billion.
The company plans to continue running the shop-in-shop model at 30-40 shops, hoping to earn VND5 trillion a year more from the new business field.
Analysts say the watch market attracts retailers because of the profit margin. The gross margin of fashion watches could be up to 60-70 percent, or 40 percent at least.
However, Rong Viet Securities believes that retailing watches is not as lucrative as people think. People now buy more watches, but the price of genuine products is still too high compared with the income of the majority of people.
Source: vov.vn
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