CEO Corner: David Lee, CEO of Hing Wa Lee, on the Evolution of L.A.’s Chinese Watch Market
A man of many hobbies, Lee shares his take on Chinese New Year watches, L.A.'s Chinese tourists, and the importance of social media in the luxury retail business.
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- How important is the Chinese tourist trade to your business, as distinct from the Chinese diaspora and Chinese-Americans?
- What portion of your current sales come from China-based luxury tourists, Chinese expats and Chinese-Americans?
- How concerned are you about a possible U.S. trade war with China affecting the numbers of Chinese visiting America?
- Swiss-watch exports to mainland China and Hong Kong have been soft and are anticipated to remain so throughout the next “Five-Year Plan.” Has this had an impact on your sales in any way?
- During China’s Golden Week travel period, many Chinese opt to go overseas, where luxury shopping is a major activity for them. How does this affect your business? Are you considered a travel destination?
- What are your thoughts on Chinese New Year (Sheng Xiao / Chinese Zodiac) limited-edition watch releases? And does Hing Wa Lee have Year of the Rooster watches right now?
- Do you personally like the annual Chinese Zodiac limited edition watches? Does it ever ring true to you, or is it just a marketing ploy?
- You’re prolific on social media, with more than 300,000 followers on Instagram alone. Such mobile media outlets are an enormous part of Chinese brands’ sales strategy—as is e-commerce—particularly to attract millennials. What can U.S.-based businesses that cater to Chinese luxury tourists learn from such tactics?
- How has the rise of social media affected your business overall? Do you see any drawbacks to its omnipresence and consumer importance?
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