{"id":18008,"date":"2017-09-13T06:00:39","date_gmt":"2017-09-13T13:00:39","guid":{"rendered":"https:\/\/www.bobswatches.com\/rolex-blog\/?p=18008"},"modified":"2024-05-20T17:03:07","modified_gmt":"2024-05-21T00:03:07","slug":"omegas-new-factory-china","status":"publish","type":"post","link":"https:\/\/www.bobswatches.com\/rolex-blog\/omega\/omegas-new-factory-china.html","title":{"rendered":"How China Saved Omega and Paid for the Brand\u2019s New Factory in Switzerland"},"content":{"rendered":"

In 2015 things were looking pretty grim for Omega. The brand had bet big on China, looking to the world\u2019s most populous country to aggressively drive future sales growth as it had been doing in recent years to the delight of parent company Swatch Group. But the by-now well chronicled and crippling combination of an economic downturn in the East Asian super-state coupled with a crackdown on corruption and expensive gifts-as-bribes \u2013 of which luxury watches were a key component \u2013 led to a precipitous drop in sales.<\/p>\n

Omega’s New Factory Put to Work<\/h2>\n

Suddenly ramping up production for Omega’s luxury watch collection<\/a> to meet what was once thought to be China\u2019s insatiable demand didn\u2019t look like such a smart move after all. But a funny thing happened last spring \u2013 as we reported at the time, sales of luxury watches suddenly broke their two-year slump, and more increases were forecast. Reynald Aeschlimann, who was installed as President and CEO at Omega last year, suddenly found himself smiling again.<\/p>\n

\"Omega's
The CEO of Omega is in a good mood these days. Find out why. (Credit: NY Times)<\/figcaption><\/figure>\n

Building Up Momentum with Omega’s New Factory<\/h2>\n

In June alone Omega experienced double-digit sales growth in China, the New York Times<\/em> reports, noting that thanks to the upswing fully half of Omega\u2019s business now originates Asia. Curiously it is not the iconic Speedmaster or the Seamster favored by James Bond which sells best there, but rather the Constellation, Omega\u2019s dressiest, least cool and least attractive model range, except for the new Globemaster which is nominally part of the Constellation collection. \u201cLooking at the future,\u201d Aeschlimann tells the Times<\/em>, \u201cwe expect results to be better than ever next year.\u201d The China upswing came just in time to avert disaster in the form of Omega\u2019s massive new and extremely expensive manufacturing facility in Biel\/Bienne, Switzerland, a five-story, state-of-the-art factory dubbed Building O which was built for future capacity, officially opening in November. A new Omega museum is also scheduled to open next year.<\/p>\n

\"Omega's
With Omega’s New Factory in Switzerland, production is sure to increase. (Credit: NY Times)<\/figcaption><\/figure>\n

New Factory, Same Accuracy<\/h2>\n

The New York\u00a0Times<\/em>\u00a0<\/i>also notes that currently, only 20 percent of Omega\u2019s watches receive Master Chronometer certification from METAS, the Swiss Federal Institute of Metrology. To earn the moniker each timepiece must pass eight rigorous tests for water resistance, accuracy, resistance to magnetic fields, and more. By 2020 Omega plans to increase that number by at least 40 percent. And while the special edition, Instagram-only Speedy Tuesday Speedmaster that we reported on in January was a smashing success \u2013 all 2,012 pieces sold out in under five hours with 7,500 people joining a waiting list \u2013 Omega is proceeding very cautiously with e-commerce initiatives. \u201cWe could close every boutique and only sell on the internet,\u201d Aeschlimann notes, \u201cbut we haven\u2019t even thought of it. People who pay a lot for our watches are passionate about stories. To have an experience, to go to our stores.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

In 2015 things were looking pretty grim for Omega. The brand had bet big on China, looking to the world\u2019s most populous country to aggressively drive future sales growth as it had been doing in recent years to the delight of parent company Swatch Group. But the by-now well chronicled and crippling combination of an economic downturn in the East Asian super-state coupled with a crackdown on corruption and expensive gifts-as-bribes \u2013 of which luxury watches were a key component \u2013 led to a precipitous drop in sales.<\/p>\n","protected":false},"author":2,"featured_media":18013,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"footnotes":""},"categories":[2362],"tags":[1850,1662,1851],"ppma_author":[2286],"acf":[],"yoast_head":"\nOmega's New Factory: A Gift from China - Bob's Watches<\/title>\n<meta name=\"description\" content=\"China has bought Omega's New Factory. 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