Why e-commerce isn’t a threat to luxury watch stores – The Hour Glass’ Michael Tay on the value of service, and group’s belief in future for protest-hit Hong Kong
- People buying expensive watches want to experience them first, says Singapore-based Tay, a connoisseur of luxury timepieces as well as head of family-owned firm
- He’s never worn his own smartwatch, but takes a positive view of the wearable tech trend: ‘It gets young people used to wearing something on their wrists again’
Michael Tay owns just one smartwatch – the first version of the Apple Watch. But it remains unused in its original packaging, the shrink wrap still intact.
“It's embarrassing to say but it's still in the box. I kind of figured I would experiment but was never motivated to unwrap it,” confesses the group managing director of Singapore-based luxury watch retail group The Hour Glass. “I think in time to come this could be kind of an interesting collectible.”
It is possibly the most modestly priced timepiece in Tay’s personal collection, which he curates according to a few themes. “I collect Rolex and Patek Philippe, as well as watches that have made an impact in horological history, with a focus on timekeepers from the post-quartz crisis,” says Tay. He recently bought a Patek Philippe enamelled dome clock and a 1930s pocket watch which is representative of the “development of dual escapement technology”.
While much has been said about the rise of wearable technology and smartwatches affecting the watch industry, Tay is not too concerned. In fact, he believes the trend bodes well for its future.
“It gets young people used to wearing something on their wrists again. Eventually, this may make some of them desire a mechanical wristwatch,” says Tay, who wore a coveted Philippe Dufour watch which had just been returned after 18 months of servicing. (The highly respected 71-year-old Swiss watchmaker handcrafts all orders personally and only 230 Philippe Dufour watches exist in the world.)
