The largest international watch brands have opened boutiques in Dubai over the past nine months.
The Montegrappa brand in the near future will become the next luxury watch manufacturer to open its new boutique in Dubai.
The Swiss brand joins Mido, Breitling, Rado, Rolex and many others, who have launched new stores in Dubai over the past nine months.
The growth of the tourism industry is an important factor contributing to the opening of new boutiques. By the end of 2018, the city is expected to receive more than 16 million visitors - 4.7 million tourists visited Dubai alone in the first quarter of the year.
In addition to Bangkok, Dubai recorded the highest annual increase in the number of tourists in the world - by 10.9%, according to Mastercard research.
A significant portion of tourists are arriving now and will continue to come from China, the fastest growing tourism market in the world. Breitling CEO George Kern, who visited the city in March, said the city’s growing attractiveness among Chinese tourists was the main reason for his decision to expand the company’s presence in the city. Breitling recently opened its second boutique in Dubai Mall, the world's largest mall.
“For every watch sold in China, there are four hours sold to Chinese tourists abroad,” Kern said in an interview.
UAE is the 11th largest Swiss watch manufacturer in the world. Between January and June, these sales exceeded $ US 547 million.
At auctions in Dubai, large sales are also recorded. In March, Christie's in Dubai put up for auction 191 lots worth $ 7.15 million, including Patek Philippe 1518 from 18 carat gold, commissioned by the King of Egypt in 1945. Watches were bought for $ US 912.5 thousand.
In the wake of demand, Rolex opened its largest boutique in Dubai this year. A three-story building with an area of 850 square meters. m is located in Dubai Mall.
