Accuracy is one of the characteristics that make a watch valuable. But also an attractive and exclusive design. MIDO, which is part of the Swatch Group, has noted in its plans that the launches in Mexico have a distinctive characteristic and, for Edgar Ambriz, director of the brand in the country, it has been the key to generating greater knowledge of the firm.
Mexico has become the second most important market in the world for the Swiss watch brand, after China. The secret to winning and staying, says Ambriz, is exclusivity.
In the world, the luxury watch market closed 2021 with a value of 26.3 billion dollars, which will reach 32.3 billion dollars by 2027, according to projections by IMARC Group. In the analysis, the consultancy highlights that the trend of adopting premium fashion as a status symbol is one of the factors driving demand, in addition to the availability of unique colors and designs.
MIDO started down this path five years ago. Since then, it has adapted global launches to offer special editions for Mexico. And it has not been the only thing: pieces with designs of their own themes are also created, such as the Day of the Dead, or editions inspired by Mexican architecture are added, such as the Metropolitan Cathedral or the city of Tulum.
The impact of this business strategy is not in the sale, since the collections are limited to 300 pieces. “They generate desire for the brand. Customers go to the point of sale and, if they can’t find the piece, greater desire is generated, a benefit of traffic and notoriety, added, of course, to a communication that is much more adapted to the Mexican consumer,” says Ambriz.
With sales growing, MIDO has plans to expand its boutiques in the country, although the manager did not reveal the amount of investment or the number of stores that will be added to the nine it already has. “The market continues to grow. What I hope is that the people who normally traveled and buy in other places and who today buy in Mexico keep their consumption here,” says the manager.
“There are more and more people who have a much greater watchmaking culture, who know the pieces, the materials, the technologies and value the silhouette”.
against the clock
These strategies have allowed the watchmaking house to take a breather after the pandemic hit and, according to the manager, so far in 2022, revenues in Mexico already exceed those of 2019 by double digits.
“The Mexican consumer who was looking for collectibles during his travels found that he could buy here those collections that we launched alongside Switzerland and the world. Consumption already stays here,” he says.
For now, the challenge is to keep these buyers in the midst of a scenario that is overshadowed by the war between Russia and Ukraine, which has distribution in check and has caused some delays, of up to six weeks, in shipments. . Until now, the group has managed to turn it around by changing the release dates of its collections to have the watches in stock in advance.
