Vacheron Constantin, the oldest Swiss watchmaker in continuous operation, plans to expand its sales network in China this year even as demand in the Asia Pacific region industrywide shows signs of easing.
Vacheron Constantin, a watchmaking unit of Cie. Financiere Richemont SA, plans to double its workforce to 1,300 by 2020 as it spends 100 million Swiss francs ($109 million) on buildings and production, Le Temps reported, citing Juan-Carlos Torres, head of the brand.
A 20-karat-gold Vacheron Constantin from the collection of U.S. car manufacturer James Ward Packard (1863-1928) sold for almost $1.8 million at Christie’s International in New York today, more than triple the presale high estimate.
In the 1970s, Switzerland’s watchmakers were almost put out of business when they underestimated the importance of the quartz watch. Though the industry recovered and is prospering, today it faces a new technological challenge from “smartwatches” such as Samsung Electronics Co.’s $299 Galaxy Gear.