Rado Watch opens boutique outlet in CentralWorld
Buoyed by Thailand's high-growth potential, Swiss watchmaker Rado Watch Co Ltd has opened its first boutique at CentralWorld to target middle- to upper-income earners.
"We have many boutiques in other countries, but they are our partners' investments. This is the first time in Asia that we have opened our own boutique," said president Roland Streule.
The first Rado boutique is merely the beginning of an intensive expansion strategy in Asia as Rado expects to open proprietary boutiques in Malaysia, Macau, Hong Kong, China and India next year.
According to Streule, Thailand in the near future will be among the top two markets in Asia in terms of annual sales revenue of Rado watches, backed by strong growth in sales which should expand by double digits this year. Ranked the first and second currently are China and Japan.
To increase sales in Thailand, the company is launching new watches that focus more on high-end customers. Although it will concentrate on the premium market, it will not neglect the medium-high target group, launching the Rado True collection, priced between Bt42,000 and Bt53,000.
Streule said the company would also launch a new concept, "Rado - Shaping the Future", with the Rado True collection, which uses the new techniques for scratch-resistant and decorative hi-tech ceramics.
C Thong Panich Ltd Part, the leading watch dealer in Thailand, has developed its marketing strategy with Rado by renovating the Rado window at its dealers' shops to become Rado's shop-in-a-shop, according to general manager Vipavan Mahadumrongkul.
She said the company had hatched the plan this year and targeted to set up shops-in-a-shop with 115 dealers a year. It has 500 dealers nationwide at present.
In the first nine months, C.Thong's total sales have grown by 10 per cent; its growth target is 15 per cent.
"The floods have decreased our sales by 20 per cent in provincial areas, while sales in Bangkok have grown by 25 per cent," said Vipavan.
The company is already a dealer for eight famous brands including Citizen, Mido and Rado. Vipavan said 60 per cent of its sales came from Citizen and Rado brands.
She said the company did not have a plan to import other brands in the coming year because it wanted to sustain all its current brands in the Kingdom.