The sales figure for Luxury Watches declined recently. Due to the popularity of Smartwatches Luxury watches are losing their demand. According to the latest report, Tissot and Hamilton withdrew from the Hyundai Seoul department store last year. In addition, Ferragamo, Fendi, and Gucci watch importers withdrew from multiple department stores this year. The reason behind this is the lack of sales.
As per the stats, the smartwatch market of South Korea was 1.2674 trillion won (US$975.74 billion) in size last year when its luxury watch market size was 1.1025 trillion won (US$848.79 billion).
For a change, the top Luxury watch brands are looking to collaborate with smartwatch manufacturers. For example, Hermès is collaborating with Apple, and Thom Browne and Maison Kitsuné are collaborating with Samsung Electronics. Other Luxury brands are working on their own smartwatch products.
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