Richard Mille Shot

Competitor Analysis

First released in 2001, Richard Mille (RM), with 2 boutiques in Singapore and distributed by 1 authorized retailer at 1 outlet, produces their timepieces using the best companies available today in Switzerland. RM opened up a new page to watch making industry by use and design of new technological materials. RM constant innovations in materials and technologies have achieved many first in the watch making industry. Every RM watch is a breakthrough.

​Piaget

With a history since 1874, Piaget was recognized for the innovation of the ultra thin movement in 1957 and had since been incorporated as the company's "signature". In 2010, the company distinguished itself by setting a double record for the world's thinnest automatic movement and thinnest automatic watch. In 2012, and building on this accomplishment, it presents the skeleton version of this same movement, brilliantly exploring the fascinating art of openworking.

In Singapore, Piaget has 2 boutiques in Singapore and distributed by 4 authorized retailers with a total of 10 branches. Piaget directly handles all the production steps, from design to delivery, thus enjoys absolute creative freedom and guarantees the authenticity of its timepieces. The brand is proud to be one of the rare genuine manufactures still active in the demanding field of haute horlogerie. Piaget focused on customised after sales service, for instance if a part is not available, Piaget is able to tailor-make the parts that had suffered damages.

Piaget focuses not only on creating the world thinnest watches, but had also incorporated bold designs and jewels into the watches. Piaget timepieces have high visibility in the press 'due to the tie-ins with high profile celebrities to assert its luxurious brand name, they had also collaborated with 3 top polo players as brand ambassadors. Piaget sponsored many of the international film and music events enhance Piaget visibility and created desirability, creating international awareness. Piaget constantly relates themselves to creation of masterpieces. Piaget also provides annual financing for Watchmakers of Switzerland Training and Educational Program to nurture next generation, and actively engage in events that are socially responsible. Other than high profile campaigns, Piaget has been organising private gathering as part of their marketing campaign, with key personnel in Piaget such as the General Manager, CEO and independent specialist trainer, to engage customer in a session of watch appreciation.

Patek Philippe

With a history since 1839, Patek Philippe has received more than 80 patents for its inventions. Some of the inventions relate to movements and others to timepiece design in the area of habillage, a term which refers to cases, hands, dials and all other elements that make up the external structure and appearance of the watch. The latest patent was in 1999 for Sunrise and Sunset, where the process of disassemble the watch to realign the cams that control the display of sunrise and sunset times to the correct date, is automated as the cams are controlled directly by the perpetual calendar mechanism.

In Singapore, Patek Philippe has 2 boutiques in Singapore and distributed by 3 authorized retailers with a total of 18 branches. Over 200 models are in regular production, produced in small series of between 10 and several hundred watches. Due to this rarity, Patek Philippe commands a high price and will fully retain or even increase its value over the years. It is an investment for the present and the future. Many of the models achieve cult status and regularly fetch record-setting sums at auction. Patek Philippe also believes in providing high standard of after-sales service by promising to give the care and attention needed for the watch to remain as reliable as ever, generation after generation.

Patek Philippe is the oldest independent family-owned watch manufacturer, and had instilled this tradition into their lifestyle marketing campaigns. The latest campaign "Generation" is based on the slogan "Begin Your Own Tradition". It is centred on the universal emotion of a parent and children relationships. Other than the concept of family heritage for campaigns, technical articles are made available for consumer who appreciates the complexity of crafting a watch. Patek Philippe also scouts and nurture talents by organising "Artisanship and Precision Competition", and participating in Baselworld watch and jewellery show. The award-winning Patek Philippe Magazine, launched in 1996 exclusively for the owners of Patek Philippe watches is published twice a year (Spring and Autumn) and is available in eight languages.

PESTEL Analysis

POLITICAL

Singapore government have been actively seeking opportunities to enhance Singapore's position as a global centre for wealth management. Introduction of new and improved statutory regimes, such as the recent update of the Singapore Trustees Act and the proposals targeting Singapore's trust company industry and new incentives for investment into Singapore, are some of the measures to promote private banking. Once a person has been a Singapore permanent resident in Singapore for two years, he or she may apply for citizenship.

Singapore Economic Development Board (EDB) has established the Permanent Residence for Investors' Scheme where Singapore permanent residence status will be granted to investors who are covered under two options, where both option requires for $1m to $1.5m of investment.

Monetary Authority of Singapore has announced a new incentive scheme, the Financial Investor Scheme ('FIS') for Singapore Permanent Residence, where an opportunity to be permanent residence will be offered to high net worth individual who must have minimum net personal assets of S$20m, and to park their financial assets of at least $5m in Singapore's financial institutions or $3m of assets and a Sentosa Cove bungalow on Sentosa Island.

All of these offer greater transparency and certainty to high net worth individuals looking to shift wealth to Singapore. Singapore evident efforts in attracting high net worth individual to Singapore, the number of millionaire households in Singapore jumped about 38.6 percent in 2010, to 170,000, from nearly 123,000 in 2009, according to Boston Consulting Group data.

ECONOMIC