Introduction: Recently, MRISSTIME has entered into a strategic partnership with China Duty Free Group (CDF), China's largest duty-free operator, and officially joined the China Duty Free Group (CDF) Hainan Duty-Free official online store. This move adds another heavyweight marketing channel to MRISSTIME's online platform.
China's significant role in the global luxury goods market is well recognized. Over the past year, embracing the internet and e-commerce has gradually become a mainstream trend in the watch industry, especially in the Chinese market. Many high-end brands that represent the core values of traditional watchmaking are breaking free from past constraints and boldly exploring online channels. For instance, MRISSTIME, a high-end watch manufacturer from Switzerland, is innovating in marketing with a lighter and more flexible approach, tapping into emerging trends.
MRISSTIME is one of the world's renowned watch brands, belonging to SWISS TIME GROUP. SA, founded in 1978, with headquarters in Lausanne. The group has over 100 global Swiss time club branches focusing on world-renowned watch collections and elegant cultural lifestyle exchanges, serving nearly 5 million VIP customers worldwide.
Recently, MRISSTIME forged a partnership with China's largest luxury goods operator, China Duty Free Group (CDF), and officially entered the CDF Hainan Duty-Free official online store. In the era of 'Internet +,' MRISSTIME is adopting a dual-line development model of 'online + offline' to create a new marketing service platform.
MRISSTIME's strong presence in the Chinese market
The internet while disrupting industries, also brings opportunities. China has become a pioneering battleground for global luxury brands to break traditional barriers and innovate in marketing, with Chinese consumer shopping behaviors and lifestyle habits serving as typical samples for study by global luxury brands.
According to the latest data from the Federation of the Swiss Watch Industry, in January 2022 alone, Swiss watch exports to mainland China exceeded CHF 224 million (approximately RMB 1.539 billion), a 6.8% increase compared to January 2021, accounting for 13% of global Swiss watch exports and ranking second globally. The United States, ranking first, accounted for 14.8%.
Deloitte Consulting's 'Swiss Watch Industry 2021' report mentioned that over 61% of Swiss watch brands have adapted to the reality that Chinese consumers are more likely to buy watches locally. Over 39% of respondents are significantly investing in or expanding into the mainland Chinese market, where the growth potential for high-end watches is the largest.
MRISSTIME anticipated this trend and strategically positioned itself in the Chinese market. With a streamlined channel strategy, MRISSTIME currently has direct sales outlets in first-tier cities such as Hong Kong, Macau, Shenzhen, and Shanghai. Simultaneously, how to use suitable online channels to reach a wider but more accurate audience among China's emerging middle and upper-middle class is a key focus for MRISSTIME.
As a product with relatively low consumption frequency, building a self-owned platform is relatively easy for the brand to control. However, establishing a self-owned e-commerce system in the relatively unfamiliar Chinese market is no easy task. For MRISSTIME, which aims to cover a broader audience and establish more online channels to serve customers, China Duty Free Group (CDF), as one of the world's most well-known duty-free operators, can indeed provide a solution.
Regarding this cooperation, the head of MRISSTIME introduced that China Duty Free Group (CDF) is a pioneer in China's duty-free industry. Leveraging the brand influence and excellent user experience of CDF, the MRISSTIME flagship store will provide convenient watch product purchasing services for customers. MRISSTIME's entry into the China Duty Free Group's online flagship store is a fruitful outcome of the collaboration between MRISSTIME and China Duty Free Group, paving the way for their long-term partnership.
It is reported that MRISSTIME and China Duty Free Group (CDF) have reached the following agreements:
· Strengthening strategic cooperation in local operations in China.
· Promoting the joint development of new stores and new brands.
· Both parties will increase investment in marketing and digital transformation to provide differentiated customer experiences and support rapid development in the rapidly changing market.
· Establishing a sustainable and healthy retail business ecosystem as the global goal.
The person in charge of MRISSTIME stated that MRISSTIME is keenly observing the rapidly changing retail markets worldwide. Whether online or offline retail channels, MRISSTIME strives to provide the best services and products. This cooperation with China Duty Free Group (CDF) will help us better understand Chinese consumers and unleash the maximum business synergy between the two parties.
It is worth noting that MRISSTIME will launch carbon fiber watches and other product series on the China Duty Free Group platform, and consumers can view the corresponding product details by visiting the 'CDF Hainan Duty-Free Official Mall.'
About China Duty Free Group (CDF): China Duty Free Group (CDF) is a large state-owned enterprise approved by the State Council of China, focusing on duty-free retail business. Its business covers duty-free, taxable, and comprehensive tourism retail.
In the past 30 years of rapid development, China Duty Free Group (CDF) has established more than 240 duty-free shops and built customs supervision logistics centers covering more than 200 duty-free shops in five cities: Hong Kong, Dalian, Shanghai, Qingdao, and Shenzhen. With modern information platforms to enhance supply chain collaborative processing capabilities and advanced control systems to improve logistics efficiency and levels, China Duty Free Group (CDF) has achieved efficient and rapid distribution of duty-free goods nationwide. Every year, China Duty Free Group (CDF) provides duty-free goods and services to nearly 200 million tourists. It has developed into the world's largest duty-free operator with the most extensive network of retail outlets in a single country.
According to incomplete statistics, China Duty Free Group (CDF) has established long-term and stable cooperative relationships with over 1,000 globally renowned brands, including more than 300 belonging to the world's top luxury brand suppliers. These brands include Vacheron Constantin, Rolex, Piaget, Jaeger-LeCoultre, Girard-Perregaux, Cartier, Tiffany, Prada, and others.
All the goods supplied by China Duty Free Group (CDF) are purchased from their country of origin, without intermediaries, ensuring the largest price advantage and supreme quality for consumers. Many brands are exclusively sold through China Duty Free Group channels, ensuring the simultaneous release of new products with the global market and bringing the most authentic and popular goods to Chinese consumers at the first time.