China 's richest people are increasingly beginning to take an interest in Europe, not only travelling to see the ancient sights and beautiful scenery, but to better understand the culture and lifestyle of Europe 's elite. In this issue we focus on Italy and Switzerland , two of the most beautiful countries in Europe and home to some of the worlds top luxury fashion, car and watch brands.
Although Italian sports cars and Swiss watches have long been choice of the world's wealthy and elite, Chinese knowledge of these products and the history of these brands is often limited. But China 's wealthiest tell us that they are keen to discover more about these luxury labels and for this reason we sent our reporter Mica Quinn on a super luxury tour of Italy and Switzerland . From the glamorous shopping streets and exclusive hotels of Milan and Rome , through the long straight roads of Italy 's sports car valley, to Geneva 's exclusive watch making factories, finishing the tour in Zurich , Switzerland 's financial capital. This guide is designed to offer Chinese entrepreneurs a brief introduction to the finest luxury brands and most exclusive hotels that these two countries have to offer.
Italian Style
My tour began in the Rome – known as the ‘eternal city' a must for any Chinese traveller even on the shortest business trip to Italy . In addition to ancient Roman ruins and beautiful architecture, Rome is also home to some of the oldest and most luxurious hotels in the world. I visited a selection of the Hurun Report's favourite 5 star hotels to find the best places for China 's entrepreneurs to stay whether on business or pleasure. From the baroque splendour of Italy 's oldest luxury hotel, the St. Regis Grand, to the understated glamour and chic of the Hotel de Russie, Rome has an impressive selection of truly luxurious hotels.
But, despite all the hotels advertising multi-lingual staff, I was a little disappointed that I could find none with Chinese speaking staff available. However, most assured me that they could provide Chinese-speaking guides for hire and newspapers available upon request – but be aware that both require advanced warning.
The hotels that seemed most accommodating to Chinese guests were probably the St. Regis Grand and the Westin Excelsior, both are used to welcoming the honoured guests of the Chinese Embassy in Rome . The Excelsior also hosts the annual Chinese National Day celebrations for Chinese diplomats and expatriates living in Rome . I was also encouraged to find that St Regis Grand plans to offer Chinese language entertainment services from early 2006.
Hurun recommends… Europe 's most expensive hotel suite
For sheer luxury and extravagance, it was the Villa la Cupola that most caught my attention. Located in the Westin Excelsior, La Cupola, named after the huge frescoed dome at the heart of the suite, is Europe's most expensive hotel suite costing a mere 20,000 euros per night. At 1,100 square metres the Villa La Cupola is also Europe 's largest hotel suite, extending over two floors and includes a private elevator and personal spa with steam room, Jacuzzi, sauna, fitness centre and sun terrace. This suite also has its own private movie theatre seating up to 8 people, explaining why it is so popular amongst the Hollywood elite who, when in town for the European premier of their latest movie, like to invite friends and family to private screenings of their soon-to-be released movies.
The suite is arguable the most beautiful in Rome , although it faces some stiff competition from the Royal and Designer Suites at its sister hotel, the St Regis Grand. La Cupola is magnificently decorated, inspired by the extravagances of Roman villas and palaces. It tastefully blends Italian marbles, frescoes and luxurious furnishing and it is favoured by visiting business magnates, celebrities and state dignitaries including Russia 's President Putin. You can also rest assured that the suite is completely bullet proof and even has a bedroom for your bodyguards!
But if La Cupola is already booked or you prefer something a little more discreet, Rome has plenty of other options.
For Hurun Report's recommended hotels in Rome , Milan and Bologna, please click here.
Italian high performance sports cars
A collector of Italian sports cars once told me that the only way to truly understand Italian sports cars is to understand the land that generated them. So with this in mind I left the magnificence of Rome and headed north to the beautiful medieval town of Bologna , my base for the next few nights while I visited the nearby Po Valley. Also known as Auto Valley , this terrain of long straight roads is both inspiration for and home to the ‘golden triangle' of legendary Italian sports car manufacturers Lamborghini, Maserati and Ferrari.
Although Chinese luxury consumers already appreciate and desire clothes and accessories from renowned Italian designers, there is less knowledge and desire for Italy 's other famous luxury export - sports cars. High performance cars and the infectious Italian passion for driving have traditionally contrasted sharply with the Chinese elite's preference for chauffeur driven luxury. But the arrival F1 in China and the associated promotional activities means that China 's wealthiest have begun to take an interest in owning and driving Italian racing cars.
Lamborghini
My tour of the ‘Golden Triangle' began at Sant'Agata, home of Lamborghini where I was given a guided tour of the immaculately clean factory and the attached museum. Both attractions are open to the public and are a must-see for any Chinese lovers of sports cars and car racing, although factory tours do need to be arranged in advance.
The museum is an interesting ride through the history of Lamborghini. Although a relative newcomer to the Chinese market, entering only a year ago, Lamborghini is a legend in Italian sports cars. Founded by Ferruccio Lamborghini in 1963, many people thought he was crazy when – at that time known for building tractors – he announced plans to build a sports car to rival the long-established Ferrari. Yet his Muiri, launched in 1965, with its innovative new chassis and a brazen look, turned the accepted idea of a sports car on its head. Ferruccio was instrumental in guiding the company until he left the industry for good in 1972. Despite remaining a much smaller company than its arch rivals, Lamborghini's innovative and bold designs meant that its cars were amongst the most sought after throughout the 1960s and 70s. It has been linked ever since with the world's richest and most flamboyant individuals, whether playboys, film stars, industrialists, musicians or royalty.
After being purchased by the US Chrysler Company in 1987, Lamborghini made its debut in the world of Formula 1 racing which lasted until 1991. After a period of turmoil in the 1990s, Lamborghini was then purchased by Audi in 1998, aiming to return the brand to its former glory days. And it seems to be succeeding. Last year Lamborghini saw a record number of sales, selling 1,592 cars worldwide. However Sergio Fontana, Head of Communication at Lamborghini points out, “We are pleased with our growth but are aiming to maintain the same level of sales next year in order to stay focused and remain exclusive. Our company is not as big as Ferrari, but for the Lamborghini Group bigger isn't always better”.
Lamborghini currently has three cars in its range, the Gallardo, the Murcielago and the Murcielago Roadster. And it's the more exclusive Murcielago – only 400 are sold worldwide per year - that seems to have caught the attention of small, but growing number of Chinese car sports car buyers. “We will sell between 5 and 7 cars this year”, explains Fontana , “All are Murcielagos. Chinese buyers love the Murcielago because it has the iconic Lamborghini look, particularly the way that its doors that swing upwards.”
Indeed the great thing about the Murcielago is that it looks like a sports car, there's no mistaking it. This is a car designed to be noticed. It oozes power and speed, from the sleek muscular appearance of the exterior to the vertically opening doors to the roar of the engine. Powered by a 12 cylinder, 6.2 litre, 580 horse powered engine the Murcielago is quite simply powerful and fast, reaching 0-100km/h in 3.8 seconds. Although impossible to reach its top speed of 320km/h on the narrow roads of Sant'Agata around the Lamborghini factory, we had a good try and the feeling of being thrown back in your seat as the car accelerates is exhilarating.
The residents of the ‘Golden Triangle' are used to seeing sports cars flying across the long straight roads that cut across the plains of the Po valley, but our Lamborghini never failed to turn heads. And there is something quite gratifying – and addictive – about the attention that the car receives. Workers actually put their tools down to appreciate the machine, small children are lifted onto their parents shoulders to get a better view as you fly past.
But if you want to get your hands on one you need to be quick, Lamborghini are aiming to sell just 20 models in China next year.
Ferrari
Day two and I headed out to Maranello the home of Ferrari, to learn about the company and its famous founder, the respected and feared entrepreneur Enzo Ferrari who was so instrumental in developing the company into a leader of high performance sports cars.
It is easy to know when you are nearing the factory, as the local companies proudly displayed the black prancing horse – Ferrari's famous logo. And on arrival I was surprised to find how tourist-friendly the area was. Opposite the factory there is the official Ferrari Formula 1 shop which attracts F1 fans from around the world keen to buy their F1 merchandise from the home town of Ferrari . There is also the Ferrari restaurant next door, frequented by many of the factory workers and was even used by the great Enzo Ferrari himself when he was alive. You can even purchase Ferrari wine if you wish!
Despite the fact that the much-sought after tours of the Ferrari factory itself are only available by special appointment for fortunate Ferrari owners, this doesn't stop thousands of Ferrari and F1 fans from all over the world arriving in Maranello. I was astonished to see so many people flocking to have their photograph taken outside the factory and peer through its gates hoping to get a glimpse at what's inside, such is the passion that this brand generates.
Given the restricted access to the factory, the Hurun Report was truly honoured to be allowed a rare tour – although I almost brought production to a standstill as the workers stared in shock. Apparently - with 80 per cent of Ferrari owners being male - I am one of only a handful of females that has toured the factory. One of the highlights of the tour has to be the famous F1 wind tunnel used by Ferrari's development team to test F1 prototypes and simulate real-life situations that may occur on the track. The tunnel is equipped with a metal rolling road and five metre wide 2,200KW wind machine.
Although I didn't get to ride in an F1 car, I was taken for a test drive in Ferrari's most exclusive GT car the 612 Scaglietti. Again the attention the car drew from onlookers was impressive, as we parked in front of the Ferrari museum we even attracted a small crowd of admirers, many of whom were desperate to have their photo taken beside the car. The limited numbers of cars that Ferrari sell worldwide, just 4,975 last year, means that even in Italy seeing a Ferrari is still an exciting event.
For any Ferrari or F1 enthusiasts the Ferrari museum should not be missed, providing an opportunity to admire some of the rarest Ferraris still in existence and truly appreciate the brand's heritage. The museum also houses the actual F1 cars that have won Gran Prix World Championships over recent years – including Schumacher's winning 2004 car. The nice thing about this museum is that there are no boundaries or ropes meaning that you get up really close to the cars and appreciate the details.
I met with the Director General of Ferrari's GT division, Mr Felisa, to ask about Ferrari in China , particularly whether the inaugural F1 in Shanghai in 2004 has whetted China 's appetite for Italian sports cars. He explained, “Since Formula 1 came to China the popularity and recognition of the Ferrari brand has increased. Chinese car enthusiasts understand that Ferrari is a leader in high-performance sports cars”. Although he admits that Ferrari still has a lot of work to do sell the image and emotion of driving a sports car to China 's wealthiest, he added, “Ferrari's experience in China has been positive so far, the Chinese are beginning to show a passion for driving Italian sports cars”. Felisa added that Ferrari sold 40 cars in China in 2004 but plans to double that in 2005, he also expects China to become the company's 3 rd biggest market in the world within 2-3 years.
Maserati
Day 3 and I headed to the third and final point in the golden triangle, Modena , home of Maserati.
Founded by Alfieri Maserati and his brothers in 1914, Maserati had long been the arch rival of Ferrari before Ferruccio Lamborghini launched himself so successfully into the industry. Although the brothers sold the company in 1937, the company retained their name and the world-renowned Trident logo. Like Ferrari, Maserati also has an illustrious history in Gran Prix racing, although the company stopped competing in 1957 and shifted its focus onto its road cars.
The company was acquired by Fiat in 1993, and in 1999 its former arch rival Ferrari (also under the Fiat umbrella) took total control of the company. As of this year Fiat took back direct control of Maserati from Ferrari is keen to emphasis that Maserati is not Ferrari's less well-known little brother but a very separate and unique brand.
Luca Gazocchi, Marketing Director of Maserati explains, “Maserati offers its customers a refined elegance, a more exclusive car” he says. “Ferrari produces high performance racing cars and Lamborghini has a great heritage in sports cars, but Maserati offers a balance of performance, technical expertise and comfort. It's not just about the horse power, it's about the enjoyment of driving.”
Indeed it is an executive saloon, Maserati's famous Quattroporte, that is the company's best selling car. Described as a ‘twin-souled car', it is a saloon in terms of space, size and safety but thanks to engine positioning – unique amongst saloons – it drives like a sports car.
While not as noticeable as Ferrari's slick 612, or as brazen as Lamborghini's Murcielago, the Quattroporte is more about understated elegance and is proving very popular with the Chinese elite. “The Quattroporte is perfect for China 's rich” explains Gazocchi, “They have the best of both worlds. Don't drive in the week, use your chauffeur and you can work or relax in the back. Ah, but at the weekends… then you want to drive it yourself. It's all about enjoyment; it's a pity to let your chauffeur drive all the time”.
For fans of Maserati or classic cars, when visiting Italy it is worth requesting a viewing of the private Panini Collection. While in Modena , I was fortunate enough to be given a tour of this excellent collection, one of the most important and complete collections of Maserati's in the world, including over 26 classic cars in pristine condition. Although privately owned by the Panini family, special requests can be made to view the cars, not all requests are granted so it's worth asking well in advance of your planned travels.
Milanese style
So, after an enjoyable tour of Italy 's golden triangle, I reluctantly left the beautiful Po Valley and headed north to explore some of Milan 's top hotels. Like Rome , Milan offers numerous luxury hotels, but with Milan being Italy 's fashion capital you can expect the best in terms of service, pampering and design. If you are travelling to Milan for shopping then make sure you chose a hotel near Via Della Spinga, Milan 's famous shopping street. My personal favourites are the Carlton Hotel Baglioni overlooking Via Della Spinga and the Hotel Principe di Savoia, part of the excellent Dorchester group of luxury hotels.
For Hurun Report's recommended hotels in Italy, please click here.
With my tour of Italy 's luxury hotels and sports cars completed, I carried on with my journey north until I reached Italy 's border with Switzerland . Crossing the border I headed to Geneva , home of Europe's most prestigious watchmakers to see if I could reignite China 's long forgotten love affair with Swiss timepieces.
Switzerland
Watches as a symbol of wealth
Since the 16 th century, a watch has been a symbol of power and success. Royals, politician and entrepreneurs have long understood that a man's choice of watch can say a lot about who he is and what he stands for. Owning a prestige watch has long been a symbol of style and status – with Swiss watches the pinnacle.
China has a long history with Swiss timepieces, with the Chinese demand for Swiss expertise in mechanical movements and miniature enamel painting driving the growth of the industry in the 18th century. In fact many of the world's most beautiful and intricate timepieces were made for Chinese customers by Swiss experts.
But the relationship between China and Swiss timepiece makers waned over the years, and more recently with blatant displays of wealth looked down upon in socialist China , the allure of the Swiss watch faded and the relationship long-forgotten by most people.
“Watches are important for men”, explains Philippe Stern, CEO of Swiss luxury watchmaker Patek Philippe. “We do not have different jewellery options like women that show our style and elegance, for a man a watch is key to showing his status and his style. It is a man's watch that can set him apart.”
And it seems that China 's wealthiest entrepreneurs agree. The Chinese market for watches is once again booming, more and more of China 's wealthy elite are becoming interested in watches and are increasingly able to afford them. Although the Chinese consumers are relatively well-informed about products, they are spoilt for choice and with new luxury watch makers moving into the market it can be difficult to understand the difference between the numerous brands.
The Luxury Watch Market
Compared with other luxury items in China the watch industry is relatively mature, with many international players flooding into the market. Michel Ferracani, Marketing Director of Piaget points out that one of the challenges for the Swiss prestige watchmakers is to distinguish themselves in the minds of the Chinese customers from the many luxury brands that are beginning to manufacture watches as part of their portfolio.
Ferracani, explains that there are two main types of luxury watchmakers, the haute horologists, predominantly Swiss brands, and the haute jewellery. “The horologists' main focus is on the mechanisms, or the complications of the watches. That's not to say that they do not produce beautiful and excellent exteriors, but their main focus and expertise is inside the watch. On the other side are the haute jewellers whose focus is on the exterior of the watch, these watches have traditionally used quartz or simple movements. Although some of the high fashion houses such as [ France 's] Chanel are beginning to offer complicated timepieces.”
The following is a brief guide to the history of Geneva watch making and an overview of some of its longest established precision watchmakers.
A journey through Swiss watch making
My journey began at the Patek Phillipe Museum in Geneva , where I was pleased and surprised to find a Chinese speaking guide. Although Chinese by birth, Jennifer Hou has lived in Geneva for many years and is an expert on the history of watch making. The museum is a unique voyage through watch making history, and the collection embraces every school and style of European horology since the sixteenth century. It is definitely worth a visit for anyone considering purchasing a luxury timepiece, and a great chance to discover masterpieces including automata, jewelled and ornamental watches, portrait miniatures on enamel and highly interesting technical pieces that trace the development of horology over the centuries.
The museum also displays many pieces made for Chinese clients in the 18 th and early 19 th century, when Switzerland was the leading supplier of timepieces and mechanical movements to China . During the reign of Emperor Ch'ien Lung horology was hugely fashionable and Geneva 's skilled timepiece makers were acclaimed by China 's greatest connoisseurs of beauty.
I asked Jennifer about the history of Swiss watches and what makes them so unique. She explained that the roots of Swiss and in particular Geneva 's prestigious watch making industry are formed from the influx of religious artisans fleeing persecution in Paris , many of whom were skilled watchmakers. Geneva became a refuge for the watchmakers and their arrival turned Geneva into a centre of excellence for watch making, with highly refined skills being passed on through apprenticeships and prestigious watch making schools. The high standards of watch making have been preserved over the years by the Geneva Hallmark - only mechanical watches assembled within Geneva can apply for it. The watches are required to be finished to such a high standard, that even tiny pieces that cannot clearly be seen by the human eye are required to be decorated and engraved.
Valle de Joux – the valley of the watches
The next day, I met Patric Bernheim, Marketing Director of Bovet, a small but prestigious manufacturer. Bovet's story actually began in China , when Eduoard Bovet, the son of a Swiss master-watchmaker, recognised a huge market opportunity and set up a watch trading company for the Chinese market in Guangdong in 1822. A Bovet piece still forms part of the prized timepiece collection in the Forbidden City .
Patric explained that in order to really understand the present day Bovet it was best to see its artisans at work in their own environment. So I was lucky enough to be whisked away to the Valle de Joux, an hour and half outside of Zurich . The valley is also affectionately known as the “valley of the watches” due the concentration of watch makers based there. Although many of the watch companies have moved their main factories to larger premises, most still have smaller specialists divisions operating in the valley. Most households within the valley still have at least one member working in the watch industry.
There are only two ways to reach the valley, by winding idyllic Swiss roads, passing grazing cows wearing tinkling bells or - for senior managers and selected clients wishing to visit the watch makers at work - by helicopter. This idyllic valley really is like stepping back in time, with small factories hand-producing minute parts for prestige watches and a dwindling number of highly skilled engravers and miniature painters working in small studios. The engraver I observed was one of only 10 engravers left in Switzerland that are able to engrave to the level required by Bovet and its fellow watchmakers. I was surprised by the time and effort it took to engrave just one tiny part of the watch mechanisms.
Plan-les-Ouates
From the heart of the Swiss countryside, my next stop was the small town of Plan-les-Ouates on the outskirts of Geneva and now home to the new, modern factories of leading Swiss watchmakers, Patek Philippe, Vacheron Constantin and Piaget.
Touring the factories of these three watch making giants was in sharp contrast to Valle de Joux. More sterile and controlled, the workshops resemble bright, spacious scientific laboratories, requiring anyone entering them to wear protective clothing to prevent dust affecting the workings of the watches. Vacheron Constatin's building is even considered to be such an architectural masterpiece that the company regularly receives request from architectural experts and enthusiasts wanting to view the building.
Patek Philippe.
Although not well-known in China , Patek Philippe is one of the world's most exclusive haute horologists. Alongside Vacheron Constantin, these two companies are considered to be the leaders in technical perfection.
Famous for its high complication watches, Patek has produced some of the world's most complicated watches and also holds the world record for watch bids at auction. Each of its watches is unique and all are numbered and traced, and are guaranteed for the lifetime of the watch. The company's impressive archive room in Geneva holds details of every watch ever produced.
Founded by an exiled Polish nobleman Antoine Norbet de Patek, he was joined a few years later by French watch maker Jean Adrien Philippe whose later invention of the stem winding and hand setting mechanism would seal the company's reputation.
Patek Philippe was bought by watch enthusiast Charles Stern in 1932 and has been passed on father to son ever since, currently under the control of Mr Philippe Stern. Patek Philippe is the only watchmaker in Geneva to produce everything in house; this is vital claims Mr Stern to ensure the quality of the watches. So passionate is Mr Stern about the quality of his watches that he told me he personally checks the sound quality of each Minute Repeater watch the company makes.
According to Stern, Patek Philippe's most popular watch in China is the Perpetual Calendar. These watches are designed to track not only days of the week and months of the year but also moon phases, so once set these timepieces never need to be adjusted – even for leap years.
“The Chinese like to choose watches that you can use everyday”, he explains, “But they love the details in our watches and like to see the movements. Our Chinese customers are also very particular about the quality, everything has to be perfect”,
When I asked Mr Stern what type of person buys a Patek Philippe watch and what the watch says about that person, he answered that the main thing all Patek Philippe customers have in common is their true love of timepieces. “We have all types of people, businessmen, actors, politicians. But our customers tend to be very discreet” he said “For them it is enough to know that they are wearing an expensive and prestigious timepiece, even if no-one else recognises it, they know, and that's what is important”.
Stern recognises that Patek Philippe doesn't enjoy the same recognition in China that it receives in other parts of the world, but the company has recently opened its first boutique in mainland China and hopes that this will help to promote the brand. The company is also working on a Chinese-language website to introduce the Chinese elite to world of Patek Philippe.
The most expensive watch in Patek Philipp's current range is the Star Calibre, sold for $2 million USD it took over two years to produce. Patek Philippe also holds the record for creating the world's most complicated timepiece. The Calibre 89 was created to commemorate Patek Philippe's 150 th anniversary in 1989. Taking nine years of research and development the Calibre 89 has 33 complications and is composed of 1728 individual parts.
Vacheron Constantin
Celebrating its 250 th anniversary this year Vacheron Constantin is the oldest watch maker in the world, having produced watches continually since 1755. Like Bovet, Vacheron's long history is closely linked to China having produced many great timepieces for Chinese emperors. Pascal Brandt, Vacheron Constantin's Communications Director also explained to me that the company has a dedicated team of three people trying to track down unique timepieces lost during the cultural revolution. “We have written records describing these great works, but no pictures or diagrams, it would be a great loss to lose these pieces for good”, he said. Vacheron Constantin also works with the timepiece exhibition in the Forbidden City to supply technical information and tools to help restore and repair pieces in the collection.
Now part of the Richemont Group, Vacheron is widely recognised in China and around the world as one of the leading haute horologists. The company has been selling watches in China since the early 1990s, but the recent boom in the market means that the company is increasing production to cope with the demand. Juan-Carlos Torres, Deputy CEO explains Vacheron's popularity in China , “The Chinese have a history of fine art, and they recognise that a Vacheron Constantin [watch] is a refined object. But the Chinese market is potentially huge, so we don't want o open it up to quickly. We are an exclusive brand and we want to stay that way.” The company currently produces just 17,000 watches per year.
Although the company's state of the art factory incorporates the latest watch making technology, every Vacheron Constantin movement is hand-finished by skilled experts. While touring the factory Brandt asked me, “Most industries claim they are passionate about what they do, it's standard marketing speak, but have you noticed that with the Swiss watch industry it really is true?” And he is right. I was surprised by how keen the watchmakers were to spend time explaining the intricacies of their work. They demonstrated with great pride the incredibly detailed work they were carrying out - even on the tiniest of screws that the future owner will likely never even see.
In celebration of its 250 th anniversary, Vacheron has introduced a limited collection of watches that may be of interest to China 's entrepreneurs, including a tribute to China 's great explorer Zheng He, one of which will be displayed in the Forbidden City timepiece museum. The anniversary collection also includes the Tour De L'Ile, the world's most complicated wrist watch with 16 complications and over 834 parts.
Piaget
“Piaget is the only brand that really merges high jewellery with high horology” explains Michel Ferracani Marketing Director of Piaget. “In the past, most high jewellery watches have used quartz not mechanical movements, but Piaget believes that the inside of the watch should be the equivalent to the outside.”
When walking through the watch factory, it's clear from the glinting of jewels that the company is equally as dedicated to setting exquisite stones as it is to manufacturing the movements of timepieces.
“Piaget is a high status brand”, continues Ferracani, “From the gold and the stones that we use Piaget watches are an obvious symbol of style and wealth. This is one of the reasons that our watches are so popular with Chinese consumers.” According to Ferracani many Chinese consumers have a better understanding of the Piaget brand than their European counterparts, “The Chinese market is booming. More and more people have the liberty to buy something expensive and show it off. There's no shame in having money!”
Indeed with mainland Chinese sales now accounting for 13 per cent of Piaget's global sales it is no wonder that the company is planning to develop a new model designed exclusively for China . But Ferracani admits that Piaget has to work hard to stay ahead of the market and must keep explaining what the Piaget brand means and what its products offer.
He explains, “More and more companies are trying to move into the lucrative luxury market meaning that the term ‘luxury' is not as exclusive as it once was. Calling yourself a luxury brand or simply having a name associated with luxury is not enough. Today when you sell a luxury watch you have to prove it's a luxury product. Quality and innovation are key to customers today.”
For Hurun Report's recommended luxury hotels in Zurich and Geneva, click here.
