Time to Focus on Quality, Favre-Leuba CEO Philippe Roten

The Covid 19 pandemic has caused hara-kiri on the bottom line for various companies, yet a few professionals are able to see the good among the ruins. There was a webinar held currently focusing on the challenges staring the global luxury industry and Philippe Roten, the CEO of Favre-Leuba has expressed that these tough times could become the best opportunity for brands to shed their complacency.

As per Philippe Roten, professionals and business owners in the luxury industry globally should make use of this catastrophe in terms of learning adaptability towards the precariousness of businesses. As per him, this situation will also make business owners tougher and more resilient towards such difficult times in the future as well. He also stated that it is time for the luxury watch industry to regroup and start focusing on quality.

He revealed that since 1990s the turnover of the watch industry has been consistently expanding, in any event, during the budgetary emergency when different markets endured. He accepted that this had driven the brands to turn into somewhat careless.

While COVID-19 has affected the business' turnover, it can possibly turn into a significant second for brands to start to lead the pack and bring back the attention on customers and quality. This pandemic is an open door for the luxury watch industry to use an opportunity to get ready for the future, adjust, and become more grounded. One open door that the CEO accepts extravagant watchmakers could profit post-pandemic is the smart watch wearing client base.

He said that smart-watch brands have done wonders by influencing millions of non-wearers of timepieces to wear it, Roten feels that this has triggered the next generation to go for different varieties of watches as they are starting to explore several watch brands. He suggests all watch brands to capitalize on this new purchasing behavior of the customers of tomorrow.