Fiyta is one of China's leading watch manufacturers, known for its distinctive blend of traditional craftsmanship and modern technology. The 37-year-old company is aiming for global growth, with a particular focus on travel retail. We speak to Mr. Jobs Wang, Director of International Business, about how Fiyta plans to further increase its achievements in the domestic and international duty-free field.
He also touched on the importance of product differentiation in a crowded market, highlighting Fiyta's ties to China's space program and its incorporation of cultural elements into its branding and design. All this will be spotlighted at his Corporate Showcase (Booth K12) at the TFWA Asia Pacific Exhibition in Singapore from May 12-16.
Fiyta's Attractive China Space Station Concept In partnership with China Duty Free Group, Haikou Meilan Airport Duty Free Pop-up Store Announced
Jobs, when we last spoke a year ago, I noted how far Fiyta has come since its founding in 1987. Can you summarize the progress made since then?
Fiyta's original aim was to become China's leading watch brand and enter the global market.
After 37 years of development, Fiyta has established a well-organized channel structure covering all tiers of cities in China and achieved high brand recognition among Chinese customers.
Since we spoke last year, Fiyta has accelerated the recovery of its travel retail business, with several new store openings in airports, cruises, and downtown duty-free stores in Hong Kong, Macau, and Southeast Asia.
Fiyta will be exhibiting at the Singapore show. Please tell us about your company's approach to domestic and international travel retail channels.
Cooperating with professional and well-known retailers and operators is the key to developing our business in China and abroad. And of course, travel retailers are our priority. The travel retail channel generates significant traffic, exposure and sales and is an important part of our international business.
You've had notable success with this channel over the past year. Any highlights?
Before 2019, we had already established travel retail networks in more than 20 countries, partnering with China Duty Free Group, King Power, Lotte Duty Free, Starboard, etc. During the pandemic, we focused on our travel retail business in Hainan, China. We entered all duty-free channels in Hainan Province and recorded strong sales performance.
With the recovery of Chinese outbound tourists, we have reopened our stores at airports and on cruise ships. Since last year, he has opened several new openings in Hong Kong and Macau with DFS, and opened his first Space Station boutique in Studio City, his T Galleria in Macau.
Endless innovation: Paying homage to Fiyta's recognition by China's human spaceflight program, the pop-up aims to highlight the brand's ever-evolving watchmaking techniques and exploration of materials that can withstand extreme conditions. Masu.
For travel retailers who are not familiar with Fiyta, how do your prices position compared to other Chinese and international brands such as Rossini and Ebohr?
Other Chinese watch brands usually have a very wide price range. Our brand building process focuses on the price range from 200 USD to 600 USD to convey a clear message to our customers.
We launched fashion brands for young people to cover the low price range, and acquired luxury brands to target the high price range. At Fiyta, we aim for the mass market while maintaining our professional watchmaking expertise.
What can we expect from Fiyta at the Singapore show?
This year, we have set up a new booth that incorporates traditional Chinese culture. We bring our latest watches inspired by China's space missions and aviation projects to the international travel retail market. Our booth is located on level 1 (booth K12) and we welcome our partners and friends to visit us during the show.
How is the rapid rise of the “China Chic” trend propelling your brand?
Yes, today we see the Chinese chic trend in beauty, fashion, watches and jewelry categories. We aim to incorporate Chinese chic elements not only in product development but also in store design.
We cooperate with China's manned space program and aviation projects to develop products that embody the “Chinese spirit” and influence the younger generation. These concepts are also reflected in the store design.
For example, in partnership with China Duty Free Group, we are holding a pop-up store with the China Space Station concept at Haikou Meilan Airport Duty Free Shop. In addition, we will cooperate with Hainan Tourism Duty Free Store to hold an Oriental Garden concept pop-up store in Sanya Duty Free City. These Chinese chic products and concept stores attract customers and help promote business.
It is impossible to talk about Fita without mentioning its essential connection to China's space program. How did that relationship continue to develop?
First, in order to continue to provide space watches to Chinese astronauts, China must continue to explore watchmaking technology and invent new materials for watches that can withstand various conditions, including in outer space.
With Fiyta's in-house R&D team and watchmaking expertise, Fiyta space watches have remained fault-free on past timing missions in China's space program, while providing high-quality products to all customers. Fiyta is now officially recognized as China Space Watch and has become part of our brand's slogan.
We also launched Space Station Boutiques in our domestic and travel retail channels to provide our customers with an immersive experience. This is our space station boutique in the Chinese domestic market.
Many travel retailers say that while China's accelerating recovery in outbound travel is encouraging, spending patterns are much slower than in 2019. How do you see the situation?
Yes, both as individual brands and especially in terms of shopping, we also see Chinese outbound tourist spending much slower than in 2019.
Our travel retail business in Hong Kong, Macau and Southeast Asia is on a recovery trend, and our travel retail business in Hainan province is experiencing steady growth.
Finally, please give a message to overseas duty-free shops about why they should list Fiyta.
Fiyta is an entry-price watchmaker in the fun and fashion segment, where customers are always looking for something new. Fiyta's cost-effective products and interesting brand story could make it another option for them.
At the same time, Chinese tourists are demanding Fiyta watches. The travel retail market enjoys better pricing, exclusive products, and a 5-year warranty. ✈
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