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Gloomy Hong Kong retail sector gets Swiss watchmaker Omega’s vote of confidence as it opens glitzy shops in Central, K11

  • ‘It’s a long-term investment,’ says Switzerland-based president and CEO Raynald Aeschlimann
  • Watchmaker opens new multistorey shops in Central, Tsim Sha Tsui even as government predicts drop in tourism spending in 2024

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Omega’s recently opened Central boutique is located on Queen’s Road Central. Photo: Handout
Cheryl Arcibal
Swiss luxury watchmaker Omega is ramping up its presence in Hong Kong, opening two specialty shops in the city as it bets on long-term success despite slower than expected economic growth and a gloomy retail outlook.
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The brand, famously known for its Speedmaster and Seamaster watches as well as being the timepiece preferred by fictional British spy James Bond, opened two boutiques in December: a 5,102 sq ft, four-storey shop in Central and a 5,565 sq ft, two-storey space in K11 Musea in Kowloon.

“It’s a long-term investment,” said Raynald Aeschlimann, the company’s Switzerland-based president and CEO. “Hong Kong has become one of the destinations of a lot of people, not only Chinese people, and it’s good to be present here in the best way, and in the same way we are in Shanghai and the same way we are in Macau.”

Omega’s confidence in the Hong Kong retail segment comes at a time of uncertainty for the city’s tourism-reliant retail sector, as spending by visitors is unlikely to grow this year, according to government estimates.

Raynald Aeschlimann, president and CEO of Omega, peers through the arms of an astronaut sculpture – a nod to the company’s long association with US space agency Nasa – at the company’s shop in Central. Photo: Jonathan Wong
Raynald Aeschlimann, president and CEO of Omega, peers through the arms of an astronaut sculpture – a nod to the company’s long association with US space agency Nasa – at the company’s shop in Central. Photo: Jonathan Wong

The Hong Kong Tourism Board has forecast that 46 million people will visit Hong Kong this year, 35 per cent more than last year but still just 70 per cent of the 65 million tourists who came in 2018. Compounding the problem, estimated spending per overnight visitor is expected to shrink by as much as 16.4 per cent to HK$5,800 (US$741) this year from HK$6,939 in 2023.

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