market watch
All that glitters... Panerai's new boutique caters luxury pieces between QR14000 and a million
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By Ahmed Lofti
ear after year, Italian watchmaking icon Officine Panerai asserts its belief in the Middle East market through fresh launches and partners. The heritage-backed brand recently celebrated the opening of a new boutique in Villagio mall, Doha, in collaboration with Ali Bin Ali Group (ABA). The first in Qatar, the opulent outlet consolidates Panerai's presence in the region – already operating from Dubai and Beirut, and planning a Riyadh opening soon. Qatar Today attended the opening and spoke to Milvin George, Regional Brand Manager.
Expanding Horizons
The opening of Villagio boutique marks the evolution of Panerai's tradition of 150 years in Florentine watch-making, as much as highlights a belief in consolidating Middle East activity. “Our boutique here reflects the brand's nautical heritage that was originally forged in the 1930s. At this time, we became a key supplier of sophisticated, high precision devices for underwater military use – to the Italian Navy,” says George. Around the corners of the opulent outlet, your eyes will be drawn towards Radiomir Tourbillion GMT, the Luminor 1950 Tourbillion and the Luminor 1950 Chrono Monopulsante, among other precious timepieces on display for the first time in Doha. “We regard Qatar as a really upcoming market. Qataris are well travelled and 66
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Milvin George, Regional Brand Manager.
market watch
“Customers are fans of limited editions. They're collectors in the fullest sense. Our clients vie for the Number One out of a 500 – piece collection. They want to personalise their pieces by carving names or dates.”
have a deep awareness of luxury goods. The launch of Doha Watches and Jewellery Exhibition by His Highness the Emir gave the locals a better opportunity to view and appreciate invaluable timepieces and a boost to the entire segment. We wanted to be part of that, and in 2007, joined forces with Ali bin Ali,” reveals George.
Discrete Market
George says, the GCC is a distinct market when it comes to luxury. “Customers are fans of limited editions. They're collectors in the fullest sense. Our clients vie for the Number One out of a 500 – piece collection. They want to personalise their pieces by carving names or dates.” “We focus on providing an exclusive experience that matches our customers' passion. We make the experience so intimate – for instance we've a service that reminds customers of important dates, birthdates, marriage anniversaries... etc.” “We make sure our promises are delivered. When we announce a limited collection, we never do further issues.” George points out that his brand in difficult economic times proves turbulenceproof. “Officine Panerai is a luxury-oriented business after all. We cater for a niche
segment. As we run on waiting lists, the demand is always higher than supply.” “During the credit crunch, our lists got shorter, but we didn't experience any sales slowdown. Psychologically, we were affected, of course-when we saw people advertising less and customers getting pickier. But finally our solid DNA had the say.” George believes the way the Qatari leadership handled the credit crunch last year was very encouraging for his brand to be here. “The Qatari leadership is so prudent. Being one of the wealthiest countries didn't hold Qatar from spending wisely, and investing and distributing wealth in the right way. That's a guarantee for businesses.” “You can expect the same level of tact in any subsequent situation – Greece debt crisis for instance.”
Back to normal
George asserts that the market has been back to normal in 2010. “We had a fantastic half a year in 2010 and expect more excitement. Our exports to the Middle East have grown and sales have been very good. That reflects a better customer appetite.” For him, the vacation season is no problem.
“The summer months give us a muchneeded break. We start slowly delivering to our list. We work through a seasonality model that makes things possible.” Ali bin Ali promised a combination of commitments to Officine Panerai. Born from the sea, Officine Panerai has been in existence since 1860. Since 1930s, the luxury watchmaker had been catering to the Italian Navy. In 1990s, it targeted its timepieces to a local discerning public. “Our first batch was sold in less than a week. And we saw ever rising demand that took us to global frontiers in 1998.” George is Panerai's Regional Brand Manager for the Middle East, Turkey and India. He brings to the Panerai family a decade of accomplishments and experience from within the luxury sector. His achievements with the brand include, driving substantial sales growth and overall market share, managing highly selective distribution and operational efficiencies as well as directing brand development, leading targeted event sponsorships and major product launches. George began his career in the luxury goods industry in 1998 when he joined Chalhoub Group as Commercial Executive handling Daum and Wedgwood Waterford for the Middle East region n JUly 10
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