Tuesday, July 14, 2009

Swatch to expand in Cambodia

The Phnom Penh Post reports Swatch will open two more branded stores, one in Phnom Penh, the other in Siem Reap. The Post says its first store in Cambodia opened in April. That store must be in Phnom Penh since I don't see it in Siem Reap. Swatch says its two new stores are likely to be in department stores. Well, there are only 2 department stores in Siem Reap, Angkor Trade Mart and Lucky. Let's see who, if either, gets Swatch as a tenant.

Swatch is the world's biggest watchmaker, owning not just the Swatch brand (which in my experience, are groovy designs made from cheap plastic which turn yellow after time), but also Breguet, Omega, Longines and Tissot.

Swatch said Cambodia's demographics mean it should prove a good market.

Maybe they see parallels with China's demographics, where a growing middle class and nouveau riche want to add a timepiece as part of their arsenal of status symbols. In 2008, strong sales in China offset the reduced demand from the US, Japan and Hong Kong. CEO Nick Hayek remarked:"The Swatch Group grew extraordinarily strongly in China. In June, we grew in double-digits, above all with Omega, Longines and Tissot."

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