There are very few Chinese watches at the
International Watchmaking Museum in La
Chaux-de-Fonds, which has catalogued the
「best of the best」 in the sector since its inception.
One of them is Fiyta’s Space Watch, which equipped
China’s first manned space mission in 2003, and was
introduced in a public version in the Aeronautics collection,
which won a RedDot Design Award. This anecdote
says a lot about the position of the brand founded
in 1987, as part of the Chinese national watchmaking
industry. Particularly so since it has recently absorbed
the Beijing Watch Factory, another historical name
that is now part of the same group.
Based in Shenzhen and listed on the Hong Kong Stock
Exchange, the Fiyta group also owns Swiss brand Emile
Chouriet, and controls Harmony, a giant in watch distribution
in China, which operates several hundred
stores covering all price ranges. Its majority shareholder
is Aviation Industry Corporation of China (AVIC), a
public aerospace conglomerate. One of Fiyta’s latest
models in its Mach collection is inspired by the J-20
fighter aircraft developed by AVIC.
As one of the largest customers of Miyota calibres,
Fiyta has an annual production of 1.2 million watches,
80% of which are automatic, at a core price range from
180 to 500 euros. It also uses ETA movements, as well as
its own calibres.
The example of Grand Seiko
Ever since it first set out its stall in Hall 1 of Baselworld
in 2011, Fiyta has sought international recognition, unlike
the majority of Chinese brands, which are content
to stay with the huge domestic market. During our visit
to the brand’s booth this year, we were impressed by
the beautiful craftsmanship of the pieces presented,
which pay tribute to the city of Dunhuang on the Silk
Road and its Buddhist caves.
But international results remain elusive, despite the
investments made: the domestic market still accounts
for more than 80% of total sales and most exports are
concentrated in south-east Asia, for Chinese visitors.
As we reported in detail in our June issue, the Japanese
brands themselves, which are much older than the
Chinese watch companies, are only now starting to
promote a more upscale façade internationally – as
seen in Grand Seiko’s recent independence.
Are Fiyta’s international efforts perhaps premature, given that the average export price of Chinese watches remains at 3 dollars, compared to 859 dollars for Swiss watches?
Are Fiyta’s international efforts perhaps premature,
given that the average export price of Chinese watches
remains at 3 dollars, compared to 859 dollars for Swiss
watches? Is it realistic to want to compete in the field
of fine watchmaking in the most mature markets?
Global ambitions
Oscar Madriles, Head of Brand Development for
Europe, is aware of the complexity of the task at hand:
「It starts by gaining the confidence of retailers, by
positioning ourselves as a credible alternative for mechanical
watches, at a time when distribution is being
reconfigured and the quartz segment is stagnating.
France is by far our largest market in Europe, and we
are the number one brand in some stores.」 The brand
currently has over 200 points of sale in Europe, as
well as its own e-commerce platforms in France and
Germany.
Most Chinese
brands consider themselves first and foremost as
producers, while we are building a brand.
Fiyta doesn’t try to hide its Chinese origins. It wants
to stand out as 「the brand of the East with a spirit
of the West」. Oscar Madriles adds: 「Most Chinese
brands consider themselves first and foremost as
producers, while we are building a brand. The desire
to export has been present since the company
was founded in 1987. It is part of our identity, it defines
our strategy, the composition of our teams and
the choice of our designs.」
Although the brand is not subject to the 「existential」
export pressure that has always weighed on Swiss
watchmakers with their tiny domestic territory, it
does have to overcome the poor quality image conveyed
by the Made in China label. And, unlike the
Swiss, it can count on the support of the state, within
a public conglomerate. This seems to have sealed
Fiyta’s international fate so far.
But Fiyta is only the watchmaking component of
China’s global 「soft power」, which is beginning to
gain a firmer foothold. The company was recently selected
by the trade ministry as part of a programme
to improve the perception of Made in China around
the world. More than thirty years after its creation, the
export objective still stands, in a global market where
the might of China is stronger than ever.
