LINE

Text:AAAPrint
Culture

Is clock ticking for Beijing's old watchmaker?

1
2015-04-27 15:46CNTV Editor: Mo Hong'e

Sales have finally kicked off. The Apple Watch is available from Friday. CCTV reporter Martina Fuchs looks at what the launch of the Apple Watch means for Beijing's traditional watchmaker, and whether its time is running out.

It used to be the official watchmaker of the People's Liberation Army.

Founded in 1958, the Beijing Watch Factory developed its first own Tourbillon mechanical movement in 1995, and today is the leading haute horlogerie manufacturer in China.

It's located in the Changping district in the north of the capital city and employs a staff of 700 that uses precision Swiss tools and machines and state-of-the-art Chinese equipment.

"This factory has manufactured tens of millions of watches and mechanical movements in the past fifty-plus years. The factory is capable of manufacturing mechnical movements. So strictly speaking, it's a complete manufacturer of wristwatches," said Miao Hongbo, general manager of Beijing Watch Factory.

Chinese watchmakers may have had a reputation for poor quality and fake timepieces. But the times are changing, and demand for locally made luxury watches featuring elaborate mechanisms is ticking along nicely.

A Beijing Watch tourbillon movement can cost from 6,000 to 72,200 US Dollars. But the most expensive piece in the collection is this one:

"This watch costs 1.98 million yuan. It's one-of-a-kind and a work of art," Miao said.

The watches are mainly destined for the Chinese market where demand for high-end products has exploded among the rapidly growing upper class and nouveaux riche.

One may think the launch of the Apple Watch could be trouble for old-school watch makers but analysts say there's space for everyone.

Miao is convinced that his company will survive the times.

"I think Apple Watch is still a high-tech electronic product that's different from traditional watches, which are enriched by our brands, history and tradition, design and so on. The breakthrough for Apple Watches is mostly in technology and functionality. So I don't think it will make too much impact to our industry," he said.

A Goldmach Sachs survey found that 11% of the people who own an iPhone are 'very likely' to buy the 349 US dollar smartwatch this year.

The investment bank predicts that 13.5 million Apple Watch units will be sold in 2015 and 23.8 million in 2016.

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.