'Oemul Watch' Omega, Second Price Increase This Year
Rado, Mido, Hamilton, Tissot Also Up 5%
Luxury Market Continues 'Gradual Price Hikes'
Swiss watch company Swatch Group will raise the prices of its subsidiary brand products starting in July. Omega, a popular choice for wedding watches, is also set to implement its second price increase this year following the one in February.
According to industry sources on the 14th, Omega, part of the Swatch Group, will increase the prices of all its products by 6-7% starting next month on the 1st. As a result, the prices of flagship models are expected to be adjusted to 8.5 million KRW for the 'Seamaster', 9 million KRW for the 'Aqua Terra', and 11 million KRW for the 'Moonwatch'. Omega had already raised prices by 7% across all products in February.
Other Swatch Group brands such as Rado, Mido, Hamilton, and Tissot will also see an average price increase of 5% on all their products. Swatch Group Korea explained, "Due to global standard price increases, prices in Swatch Group Korea are expected to rise."
Recently, the luxury market has been experiencing a trend of continuous price increases, from bags to watches. Luxury bag brands like Louis Vuitton, Chanel, and Bottega Veneta have steadily raised prices on some products since last year. Additionally, from early this year, luxury watch brands such as Rolex, Breguet, and Vacheron Constantin have joined the price hike trend. Rolex, a leading luxury watch brand, raised prices on some popular models by 2-6% in February following a similar increase in November last year. At that time, Rolex explained the price increase was due to the rise in global raw material costs.
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