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Abstract
Shopping centers are among the most significant places to sell luxury goods in East Asia. However, the relations between retail networks of luxury companies and access to land and real estate still need to be addressed. On the one hand, an extensive literature highlights how the turn to luxury industry since the 1990s has enabled some European countries to maintain their comparative advantage on the global market and at the same time to keep a significant part of their production non-globalized. Yet, an issue that remains to be addressed is the way European luxury companies are able to enter and expand their sales networks in emerging countries. On the other hand, while real estate has become a major economic circuit in East Asia, there is still a lack of research about the property industry and companies’ concrete strategies and business models. This article is hence an exploratory study that tackles the issue of real estate within the strategies of the main actors of the Swiss watch industry, namely Swatch Group, Richemont, and LVMH, which have massively invested in their retail network in China and East Asia since the 1990s.
Acknowledgement
The authors would like to sincerely thanks the Swiss National Science Foundation (project number: P300P1_147823) and the MEXT Supported Program for the Strategic Research Foundation at Private Universities (2014–2018) in Kansai University, Osaka. Some thanks need also to be expressed to the French ANR research project FINURBASIA.
Notes
1. Ordinance related to the use of the label ‘Swiss’ for watches, 23 December 1971.
2. Federation of the Swiss Watch Industry.
3. Source: Annual reports. No more data since 2009.
4. Swatch Group, Annual report, 2000–2014.
5. Hengdeli Holdings, Annual report, 2004–2014.
7. SG, Annual report, 2010 and Hengdeli, Annual report, 2013.
8. Richemont, Annual report, 2006 and Hour Glass, Annual report, 2011.
9. Hour Glass, Annual report, 2012, 14.
10. He was a member of the jury of MIPIM Asia Awards, the largest fair for real estate in Asia, according to PR Newswire (http://finance.yahoo.com/news/mipim-asia-awards-2014-winners-013200167.html).
11. http://www.ckh.com.hk/eng/about_boardofdirector.html#list2_6 (accessed January 27, 2015) and Richemont, Annual Report, 2003.
12. Richemont, Annual Report, 2014, 14.
13. L’Agefi, 15 January 2015.
14. L’Agefi, February 2015.
15. http://www.bulgari.com/en-jp/storelocator/ (accessed 27 May 2015).
16. http://www.hublot.com/fr/boutique/world/ (accessed 27 May 2015).
17. http://www.zenith-watches.com/fr_fr/shoplocator.html (accessed 27 May 2015).
18. The Edge Singapore, 9 April 2012.
19. Annual Report, 2014.
20. The Strait Times Singapore, 3 May 2014.
21. Ibidem.
24. Taiwan News, 22 May 2015.
25. According to SG, this is a real estate company (Annual Report, 2014, 203), while Hengdeli Holdings mentioned a property management and leasing company (Annual Report, 2014, 150).