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The Swiss Watch industry: Challenges and my future Role

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The Swiss Watch industry: Challenges and my future Role

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IE Application: What do you believe are the greatest challenges facing the sector or industry you would like to specialize in at IE? What role do you hope to be able to play in this sector or industry in the medium term?

IE Application: What do you believe are the greatest challenges facing the sector or industry you would like to specialize in at IE? What role do you hope to be able to play in this sector or industry in the medium term?

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The Swiss Watch industry: Challenges and my future Role

  1. 1. What  do  you  believe  are  the  greatest  challenges  facing  the  sector  or  industry  you  would  like  to   specialize  in  at  IE? What role do  youhopetobe able toplayin  thesector or industryin  the medium  term? LUCA  ORDUÑA
  2. 2. Brand   Management   At  IE  Business  school,  I  would  like  to  specialize  on  Brand   Management  with  a  focus  on  the  luxury  industry  in  Asia.  I   believe  the  Swiss  watch  industry  to  be  a  very  good  example  as   virtually  no  other  sector  is  so  focused  on  exports  and  reliant   on  achieving  success  in  an  international  environment. Furthermore,  I  am  personally  involved  in  the  watch  business.   Over  the  last  two  years  I  was  involved  in  setting  up  a   distribution  company  for  timepieces  over  Asia,  with  currently   subsidiaries  in  Japan,  HongKong and  Taiwan.  In  those   territories  we  support  watch  brands  entering  the  market  and   help  establishing  the  brand.  I  hope  that  in  the  future  the   company  can  become  an  important  player  in  the  region  and   further  expand  to  other  Asian  regions  like  Mainland  China,   South  Korea,  India  etc.  In  the  long  run  I  would  like  to  become   an  expert  for  consumer  goods  especially  for  luxury  and  lifestyle   products  across  Asia  pacific  with  an  understanding  of  how  to   build  a  brand,  using  the  right  channels  and  offering  services   and  consulting. Luxury  Industry Swiss  Watch  Industry Asia  
  3. 3. The  Swiss  Watch  Industry:  Brand  management  with  a   focus  on  Asia 1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  4. 4. KEY  FACTS:  Switzerland  with  quasi-­‐monopoly  in  high-­‐end  watches   • Switzerland   produces  only    around  2.5%  of  the  global  production  of   watches  (units)  but  it  is  by  far  the  leading  exporter  of  watches  in  value   terms.   • Switzerland   has  a  near  monopoly  situation  in  the  luxury  watch   segment  (mechanical   watches).   • 95%  of  the  watches  produced  in  Switzerland  are  exported. • Pronounced  almost  dead  in  1970  and  threatened  by  the  Quartz   watches  from  Japan,  the  Swiss  watch  industry  made  an  impressive   rebound  thanks  to  a  refocus  on  high-­‐end  watches  and  a  global  boom   for  luxury  goods. • A  handful  major  conglomerates   dominate  the  watch  industry  :  Swatch   Group  (brands  include  Swatch,  Omega,  Harry  Winston,  and  Tissot),   Richemont (Montblanc,  Piaget,  Cartier),   LVMH  (Tag  Heuer,  Hublot,   Zenith)  and  Rolex  (Rolex  and  Tudor). • The  “Swiss  Made”  label,  the  key  reference   in  the  watch  industry,  can   only  be  obtained  if  the  watch  is  assembled  and  inspected  in   Switzerland,  with  at  least  60%  of  the  parts  produced  in  Switzerland.   1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  5. 5. KEY  FACTS:  Asia  is  the  most  important  region Exports  of  Swiss  wristwatches  reached   a  new  record  in  2014  of  CHF  21  billion   CHF,  making  Switzerland  the  country  with  the  highest  export  value  of  watches.   From  2000  to  2014  the  Swiss  watch  industry  grew  by  38%.  Looking  at  the   numbers  over  25  years,  the  growth  is  even  more  impressive:  Watch  sale  more   than  quadrupled.  Despite  this  impressive  growth,  the  quantity  (Number  of   watches)  exported  is  smaller  than  it  was  in  1988.  This  can  only  mean  one  thing:   The  average  export  price  must  have  increased  significantly.   In  2000  the  average   price  was  310  CHF  compared  to  730  CHF  in  2014. With  11.8  billion  CHF  (2014),  Asia  is  responsible  for  over  50%  of  all  Swiss  watch   exports.  Hong  Kong  is  by  far  the  most  important  market  with  a  share  of  18.5%   at  the  end  of  2014,  followed   by  USA  (10.7%)  and  further  two  Asian  countries   China  (6.3%)  and  Japan  (6.0%).   Over  the  last  years,  Asia  was  as  the  main  driver  for  growth  in  the  Swiss  watch   industry.  In  overall  terms,  Asian  countries  were  responsible  for  around  70%  of   the  growth  in  exports  in  the  2000-­‐2012  period.    The  growth  came  mainly  from   Hong  Kong  and  China,  which  together  generated  more  than  40%  of  the  growth.   Singapore,  the  United  Arab  Emirates  (UAE),  South  Korea,  Taiwan,  Saudi  Arabia,   and  Japan  are  also  among  the  15  countries  that  provided  the  biggest   contributions  to  growth. 1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  6. 6. 1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  7. 7. CHALLENGES  IN  SWITZERLAND Swiss  Made  Label Supplier  Situation Investment  in  facilities Currency    (CHF) CHALLENGES  IN  (ASIAN)  MARKETS Lower  growth  in  main  export  countries Importance  of  travelers  and  less  regionalism   Costly  set  up  of  distribution  system Negotiation  power  of  main  players Expensive  advertisement  costs Importance  of  Digital  Media Change  in  consumer  behavior  because  of  new   product  categories  (smart  watches) CHALLENGES  OVERVIEW 1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  8. 8. STRUCTURAL  CHALLENGES  IN  SWITZERLAND In  Switzerland  itself,  the  companies   are  facing  several  structural  challenges  which  combined   are  resulting  in  an  upward  pressure   on  the  prices.     One  reason  for  the  upward  pressure  is  the  movement  production.   The  mechanical   movement  is  the  heart  of  any  watch.  Up  until  recently,  most  of  the  brands  bought  their   movements   from  ETA,  a  company  owned  by  the  Swatch  Group.  This  made  the  Swiss  watch   companies   highly  dependent   on  the  Swatch  Group.  Swatch  Group  made  the  decision   to  limit   the  deliveries  of  their  ETA  movements   to  competitors.  Therefore  the  brands  with  limited  or   without  own  movement  production   will  need  to  either  negotiate  independent   deals  with   the  Swatch  group  or  invest  in  creating  their  own  movement.   The  big  customers  like  Richemont and  LVMH,  as  they  are  able  to  buy  in  a  bigger  quantity   than  independent   brands,   will  probably  still  be  delivered  by  Swatch  Group  with  ETA   movements.   Still  brands  have  to  more  and  more  look  for  alternatives.  This  is  why  brands  all   over  Switzerland  need  to  invest  more  and  more  into  the  construction   of  new  production   facilities.  It  is  a  big  challenge  to  produce   at  the  same  quality  and  price  like  ETA  as  they  have  a   critical  mass  and  benefiting  from  experience,  facilities  and  economies   of  scales.  For  other   brands,  the  investment  in  production   facilities,  Know-­‐how   of  movement  production   and  less   quantity  will  increase  the  prices  of  the  movements.   1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  9. 9. STRUCTURAL  CHALLENGES  IN  SWITZERLAND The  “Swiss  Made”  Label  is  extremely  valuable  in  the  watch  industry  and  is  used  by  the  brand  as  marketing  and  quality  label.    It   allows  to  sell  the  watches  at  a  certain  premium.  The  parliament   passed  in  2013  a  “Swissness”  amendment  with  stricter  criteria   governing  the  use  of  the  Swiss  Made  label,  stating  that  at  least  60%  of  the  production  costs  must  be  attributable  to  operations  in   Switzerland  and  that  the  watch  must  be  developed,  assembled  and  inspected  in  Switzerland.   This  leads  to  greater  demand  of  Swiss  watch  components  and  combined  with  the  limited  supply  from  Swatch  Group  (previous   slide)  further  intensifies   the  need  for  brands  towards  vertical  integration  and  to  invest  in  production  capacities.   Another  challenge   is  the  Swiss  Franc’s  exchange  rate.  Since  the  Swiss  National  Bank  in  January  gave  up  efforts  to  cap  the  franc’s   value  against  the  euro,  the  Swiss  currency  has  strengthened  by  more  than  10  per  cent.  Furthermore,  the  decline   of  the  euro,   ruble,  yen  and  renminbi and  the  rise  of  the  dollar  have  also  contributed  to  watchmakers’  headaches. The  limited  supply  by  the  Swatch  group,  the  increased  demand  of  Swiss  made  parts  through  the  Swissness initiative,  not  having   the  possibility  to  shift  production  abroad  and  therefore  be  more  exposed  to  the  exchange  rate  which  developed  adversely  for   the  brands,  are  testing  the  pricing   power  of  Swiss  Watchmakers.   This  can  have  an  adverse  impact  on  the  competitiveness   especially   for  the  smaller  and  mid-­‐sized  companies  in  the  lower  and  medium  price  range.  Brands  had  to  increase  and   renegotiate  prices,  which  is  still  easier   in  the  high-­‐end  watchmaking.  Nonetheless,  not  all  brands  can  adopt  price  increases   the   same  way,  especially   in  the  lower-­‐prices   market  segments  . 1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  10. 10. ASIA:  LOWER  GROWTH  IN  MAIN  MARKETS Even  though  the  Swiss  watch  industry  is  very  diversified,   the  growing  significance   of   the  Chinese  market  poses  a  degree  of  cluster  risk  for  the  industry.  Thanks  to  a  growth   jump,  mainland  China  moved  up  to  third  place  and  accounted  for  8%  of  Swiss  watch   exports  in  2012.  If  Hong  Kong,  Macao,  and  Taiwan  are  also  included,  by  the  end  of   2012,  30%  of  the  watch  exports  went  to  the  Chinese  Market.  It  is  not  ultimately   surprising  that  those  growth  rates  could  not  continue  in  the  same  way,  but,  as   indicated  by  the  graph,  since  2012  the  sales  is  declining.   This  declining   intensified   in  2015  and  for  example  in  July  2015,  all  the  eight  leading   markets  were  down,  often  steeply.   The  pessimism  about  China  and  Hong  Kong  can  be  explained   by  the  lower  rates  of   growth  in  the  economies  of  many  emerging   markets,  the  devaluation  of  Yuan  and   also  the  anti-­‐corruption  and  anti-­‐kickback  legislation   in  China  (crackdown  on   exorbitant  spending  of  party  official) The  picture  for  Hong  Kong  is  even  worse,  as  currently  a  lot  of  challenges   are   occurring.  There  is  the  effect  of  the  strong  Swiss  Franc,  falling   tourism  from  China  to   Hong  Kong  (also  due  to  less  stringent  conditions  for  Chinese  people  to  get  travel  visas   to  other  destinations)  and  the  effects  of  the  Umbrella  Revolution.  This  decline  has   started  to  create  a  build-­‐up  in  inventory  and  inventories  have  reached  a  6-­‐10  months   of  sales  of  some  brands.     1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  11. 11. ASIA:  CHINESE  TOURISTS Besides   the  sales  in  China,   one  of  the  most  important  customer  group  are  and   continue  to  be  the  Chinese   travelers.  The  high  sales  tax  is  reducing  the  domestic   purchasing   and  the  Chinese   customers   take  advantage  of  buying  the  Swiss   watches  abroad  at  a  lower  price.  Studies   say  that  in  2012  37%  of  the  Chinese   travelers  bought  a  watch  during  their  trip.  For  a  long  time,  around  half  of  the   watches  were  bought  in  Taiwan,  Macao  or  Hong  Kong.  In  Europe,  the  most  sales   occurred    in  Paris.    Because  of  political  developments   and  less  stringent  rules  for   visa  for  the  Chinese,   a  lot  of  new  destination  came  into  focus  of  shoppers.   Therefore  it  is  crucial  for  the  major  brands  to  have  presence  where  the  Chinese   customers  are  traveling  to.  The  head  of  the  LVMH  watch  division,   Jean-­‐Claude   Biver,  for  example  said:  “We  will  follow  the  Chinese   customer  wherever  he  goes   and  offer  them  the  possibility   to  buy  our  watches” From  2013  to  2014,  Sales  of  watches  to  Chinese   in  South   Korea  for  example  rose   significantly   but  dropped  even  more  after  the  virus  MERS  broke  out.  That   followed  a  significant  increase  in  Sales  in  Japan  because  the  Yen  is  at  lowest  level   in  real  terms  since  early  1970  and  has  depreciated  almost  50%  against  the   renminbi.   This  shows  the  challenge  of  the  watch  industry   as  it  is  necessary  to   have  the  desired  products   available  at  the  right  time  at  the  right  place.   Furthermore   the  Chinese   market  has  to  carefully  taken  care  off,  so  that  the   Chinese   buy  the  specific   brand  while  traveling.  The  internet  and  the  flow  of   tourist  have  removed  regionalism  and  brands  have  to  think  and  act  globally  in   every  kind  of  aspect  like  product  planning,   availability  of  product  and  marketing.   1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  12. 12. CONTROLING  DISTRIBUTION  CHANNELS As  already  mentioned  on  the  last  slide,  optimization  of  sales  channels  is  one  of  the  important  strategic  point  of  the   watch  brands.   Well  established,  financially  solid  brands  have  to  decide  to  what  extend  and  in  which  markets  they  want   to  handle  and  control  the  distribution  by  themselves.  Smaller  brand  face  the  challenge  that  vertical  integration  is  very   costly  and  often  not  a  strategic  option.  Therefore  they  must  evaluate  the  most  efficient  method  of  gaining  access  to   markets.   In  the  past,  almost  all  luxury  watches  were  sold  via  specialist  retailers  and  regional  retail  groups.  Through  the  market   consolidation  and  the  increasing  strength  of  larger  groups,  the  groups  have  an  increased  influence  on  the  specialist   dealer  and  it  gets  challenging  for  smaller  and  medium  brands  to  obtain  shelf  space.  Less  known  brands  represent  as  well   a  certain  financial  risk  for  the  distributor  and  the  retailer.  This  makes  it  difficult  for  smaller  and  independent  brands  to   get  into  a  retail  store  and  if  space  is  offered,  the  watches  are  mostly  only  on  consignment.  Therefore  the  establishment   of  a  global  presence  for  brands  is  costly  and  needs  a  lot  of  experience  in  the  different  markets.  The  high  costs  of   managing  and  the  difficulty  of  finding  a  distributor  for  the  brands  made  them  often  try  to  directly  contact  retailers  or  sell the  brand  over  internet.  This  leaded  to  a  confusing  situation  in  some  markets  where  the  purchasing  experience  is   unclear  or  not  available  to  many  customers.  Often  potential  customers  don’t  know  where  and  when  certain  products   are  available.   Well  established  Brands  from  the  big  groups  try  to  control  the  distribution  by  establishing  monobrand boutiques  and   M&A  in  vertical  direction  by  acquiring  suppliers  and  retailers.  This  allows  the  brands  to  control  the  environment  and   sales  process  (trainees  staff  to  transmit  brand  values,  control  discounts/grey  market,  control  collection).  Furthermore  it   is  easier  for  the  brands  to  better  supply  the  actual  needs  at  distribution  points and  react  to  changes.   1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  13. 13. HIGH  ADVERTISMENT  COSTS  and  DIGITAL  MANAGEMENT It  gets  more  and  more  important  to  spend  a  significant  amount  on  marketing  efforts.  The  major  brands  invest   a  lot  on  sponsoring  selected  events  to  strengthen  their  brand  image  and  position.  Sports  plays  an  important   role  in  the  marketing  mix  and  brands  sponsor  marathons,  selected  tournaments  (golf,  tennis)  and    teams   (soccer,  F1  racing,  sailing).  Furthermore  brand  ambassadors  like  tennis  players  (Roger  Federer,  Stanislav   Wawrinka)  are  an  integral  part  of  the  marketing.  Last  but  not  least  product  placement  in  movies  is  gaining  in   importance  due  to  the  recent  blockbusters  (007).   Those  strategies  are  more  often  used  by  large  brands  that  can  afford  them.  Small  independent  brands,  which   usually  have  limited  marketing  budgets,  focus  more  on  social  media  and  the  internet,  as  these  offer  a  better   opportunity  to  reach  a  global  audience  and  engage  with  target  customers  at  a  lower  cost. Online  marketing  campaigns,  homepage,  social  Media  and  Blogs  play  more  and  more  a  role  during  the  buying   decision.  Brands  need  to  permanently  monitor  the  online  activities  and  it  gets  necessary  to  install  teams  which   support  those  efforts.   An  increasing  number  of  watch  brands  are  experimenting  with  the  possibility  of  online  sales  channels.  A   challenge  is  to  balance  exclusivity  and  ubiquity,  mass  and  class.  The  goal  is  to  make  everyone  as  aware  as   possible  of  the  brands  promise  but  keep  the  achievements  of  the  brands  exclusive.  A  big  obstacle  of  online   sales  are  the  counterfeits.  Furthermore,  through  the  high  growth  rates  over  the  last  year,  during  a  slowdown  of   the  economy,  a  lot  of  second  hand  watches  could  become  available.   1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  14. 14. New  Product  categories:  Smart  watch Smartwatches are  increasing  the  total  market  for  watches  but  are  as  well  in   competition  with  the  traditional  Swiss  watch  brands.  Especially  cheaper   brands  are  hit  the  most  by  the  new  product  category  which  is  steadily   establishing  itself  and  soon  to  be  bigger  than  the  tablet  market.  In  the  USA   already  every  4th person  is  said  to  be  wearing  a  smartwatch or  a  so  called   wearable,  giving  access  to  health  relevant  data.  Especially  quartz  watches   have  to  be  more  and  more  ’intelligent’.  It  is  expected  that  sooner  or  later   around  30-­‐50%  of  the  Quartz  watches  exported  from  Switzerland  have  a   smart  function.  Compared  to  mechanical  watches,  in  this  segment  the   worldwide  competition  is  undoubtedly  bigger  as  major  electronic   companies  are  fighting  for  their  share  (Apple,  Google,  Amazon  etc.  ) The  mechanical  watches  still  offer  a  different  buying  argument,  as   especially  the  longevity  of  a  mechanical  movement  is  celebrated.  But  as   well  brands  in  the  middle  segment  can  no  longer  neglect  the  trend  towards   smartwatches or  devices  with  intelligent  functions  on  the  wrist  as  recent   products  of  Tag  Heuer,  Breitling,  Victorniox and  Montblanc show.  The   market  for  watches  in  total  is  increasing  but  it  is  yet  to  show  how  the   traditional  Swiss  watch  industry  is  affected  by  the  changes.   1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes Development  of  export  of  Swiss  watches    in  different  price  segments Development  Sales  in  Mrd $  of  conventional  watches  and  smartwatches (grey:   smartwaches,  orange:  traditionall watch  industry  not  Switzerland,  orange
  15. 15. 1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  16. 16. My  role:  Building  up  a  distribution  in  Asian  countries My  goal  is  to  establish  together  with  my  business  partners  a  new  distribution  network  in  Asia  specializing  on   independent  watch  brands,  cultivating  the  tradition  of  Swiss  watchmaking  with  a  focus  on  technological   innovation.  As  described  in  the  slices  above,  especially  for  independent  small  and  medium  sized  brands  it  gets   more  and  more  complex  to  manage  their  brand  globally.  The  goal  of  our  company  is  to  become  become  a   strong  partner  for  upcoming  watch  brands  and  offer  those  brands  efficient  distribution  and  market  expansion   services  across  Asia. In  2014,  my  business  partners  and  me  started  a  new  company  with  the  headquarter  in  Switzerland  and   subsidiaries  in  Japan,  Taiwan  and  Hongkong.  The  goal  is  to  find  a  good  mix  between  global  management  with   standardization  and  regional  management  with  localization.    The  office  in  Switzerland  helps  us  to  keep  close   contact  with  the  brands  locally  and  identify  new  and  innovative  watch  brands.  The  subsidiaries  in  three  major   Asian  markets  give  us  a  certain  credibility  and  we  can  profit  from  knowledge  exchange  between  the  markets.   Therefore  the  brand  message  and  image  can  be  equally  conveyed  in  our  markets.  Having  a  local  team  in  Japan,   Taiwan  and  Honkong allows  us  to  cope  with  the  challenges  of  the  local  market.  Together  with  the  brands  we   want  to  grow  in  the  current  markets  and  open  up  new  markets  together. 1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  17. 17. My  role:  Be  connected  over  Asia The  backbone  of  the  Swiss  Watch  industry  are  without  doubt  the  big  players  like  Swatch,  Richmond  and  LMVH.   Nonetheless,  every  industry  needs  some  entrepreneurial  spirit  and  there  are  a  lot  of  very  interesting  independent   watch  brands.  I  want  to  create  a  success  story  with  a  watch  brand  in  Asia  and  then  further  support  and  consult   brands  in  Switzerland  with  my  market  experience. I  am  currently  located  and  working  in  Japan  with  occasional  business  trips  to  Hongkong,  South  Korea  and  Taiwan.   Through  this  I  experienced  how  the  major  brands  compete  within  the  markets.  On  one  hand  I  want  to  build  up  a   profound  knowledge  of  the  Asian  markets  and  the  needs  of  Asian  luxury  consumers  and  on  the  other  hand  I  want  to   deepen  my  knowledge  of  the  watch  production  in  Switzerland.  With  this  expertise  I  intend  to  build  a  bridge  and   transfer  know-­‐how  between  the  Asia  and  Europe  respectively  Switzerland.  By  consulting  upcoming  brands  how  to  be   successful  in  the  Asian  market  I  hope  to  support  to  further  promote  the  Swiss  watch  industry. The  goal  for  the  company  is  to  have  a  handful  watch  brands  in  different  price  segments  and  with  different  unique   selling  positions. By  uniting  several  independent  brands  and  manage  them  in  different  regions  across  Asia  we  can     achieve  a  certain  strength  and  cope  with  the  challenges  of  the  industry.   In  the  current  early  stage  of  the  company,  we  try  to  identify  the  best  possible  brands.  Furthermore  I  challenge   myself  to  deepen  the  business  relationships  for  example  with  local  partners  in  Japan.  Within  the  market  I  need  to   build  up  a  reliable  basis  of  contacts  in  the  retail  business  and  gain  credibility  in  selling  high-­‐end  watch  pieces  to   valued  customers.  I  want  to  build  up  a  network  in  Japan  and  further  regions  and  be  well  connected  with  the   wholesale  and  retail  business,  the  media  people,  influencers  and  watch  lovers.   1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  18. 18. Besides  the  Asia  wide  management  of  a  brand,  my  goal  is  the  set  a  special  footprint  in  the  watch  industry  in   Japan  and  make  a  small  contribution  to  support  Japan  to  become  a  more  international  place  and  promote   entrepreneurship.   Japan  has  a  incomparably  rich  tradition  and  cultural  heritage.  This  is  as  well  a  reason  why  the  business   manners  are  very  traditional  and  companies  are  organized  in  a  hierarchic  way,  making  it  difficult  for  young   employees  to  stand  out  with  their  ideas.  I  hope  my  company  in  Japan  we  can  be  a  role  model  and  by  getting   bigger,  I  wish  that  our  voice  will  have  a  certain  value.  Furthermore,  I  believe  that  trading  with  foreign  goods   can  help  to  convey  a  message  and  make  people  learn  about  other  countries.  This  is  why  I  want  to  be  involved   sooner  or  later  for  example  at  the  Chamber  of  Commerce  and  Trade.   Relating  to  the  watch  industry,  especially  in  the  current  digital  age  with  the  fast  moving  technology  industry,  I   want  to  promote,  as  a  young  professional  in  Japan,    European  craftsmanship  like  the  Swiss  watch  industry  and   explain  young  people  the  fascination  of  mechanical  watches.   My  role:  Overcome  challenges  in  Japan 1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  19. 19. 1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes
  20. 20. Sources Credit  Suisse.  Swiss  Watch  industry,  Prospects  and  Challenges,   10,  2013. Retrieved   from  https://www.credit-­‐suisse.com/media/production/pb/docs/unternehmen/kmugrossunternehmen/uhrenstudie-­‐en.pdf Deloitte.   The  Deloitte  Swiss  Watch  Industry  Study  2014. Retrieved   from  http://www2.deloitte.com/content/dam/Deloitte/ch/Documents/consumer-­‐business/ch-­‐en-­‐swiss-­‐watch-­‐industry-­‐study-­‐2014.pdf Deloitte.   The  deloitte Swiss  Watch  Industry  Study    2015. Retrieved   from  http://www2.deloitte.com/ch/de/pages /consumer-­‐business/articles /swiss-­‐watch-­‐industry-­‐study.html Federation   of  the  Swiss  Watch  Industry.  The   Swiss  and  world  watchmaking   industry  in  2014. Retrieved   from  http://www.fhs.ch/file/59/Watchmaking_2014.pdf   Federation   of  the  Swiss  Watch  Industry.  Consumer  Awareness   Survey   on  Watches  2014. Retrieved   from  http://www.fhs.ch/file/122/2014_Japan_Consumer_survey_-­‐_Summary.pdf The  Financial  Times.   Special   Report  ,  Watches  &  Jewelry,   14.12.2015. Retrieved   from  http://www.ft.com/intl/reports/watches-­‐jewellery Merlinlinehan.   Chinese  Tourists  are   Going  Global,  How  Can  You  Benefit   From  This Trend?   15.01.2015. Retrieved   from  http://frontiermarketstrategy.com/2014/01/15/chines e-­‐tourists-­‐are-­‐going-­‐global-­‐how-­‐can-­‐you-­‐benefit-­‐from-­‐this-­‐trend-­‐2/ Neue Züricher Zeitung,   Andrea  Martel.   Im Windschatten der  Apple  Watch,  09.11.2015. Retrieved   from  http://www.nzz.ch/wirtschaft/diverse-­‐schweizer-­‐uhrenhersteller-­‐setzen-­‐auf-­‐intelligente-­‐uhren-­‐1.18643825 Neue Züricher Zeitung,   Christiane  Hana  Henkel.   Der  Kampf ums  Handgelenk,   09.11.2015. Retrieved   from  http://www.nzz.ch/wirtschaft/unternehmen/der-­‐kampf-­‐ums-­‐handgelenk-­‐1.18643911 Swatch  Group.  Annual  Report  2014. Retrieved   from  http://www.swatchgroup.com/investor_relations/annual_and_half_year_reports Vontobal Equity  Research   Vontobel Luxury  Goods  Shop,  Swiss  watch  industry  with  another  record  year   in  2014,  but  challenging  environment   in  2015  due  to  FX,  27.02.2015. 1.  The  Swiss  Watch  Industry  2.  Challenges    3.  My  Future  Role  4.  Endnotes

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