The luxury store where customers spend $15,000 a visit
Watches costing hundreds of thousands of dollars, made from gold, titanium, diamonds and stainless steel are filling temples to timepieces opening across the country.
This week, the Franck Muller boutique on Sydney's Castlereagh Street opens its heavy doors, opposite Chanel's new fine jewellery and watches flagship in Sydney.
Japanese brand Grand Seiko officially opened in Melbourne's historic Block Arcade last month, Vacheron Constantin reopened on Collins Street in March, and Rolex's largest boutique in the Southern Hemisphere started trading in December at Chadstone Shopping Centre.
'Australia is increasingly appealing to international watch brands due to its stable retail infrastructure and its growing base of affluent and brand-savvy consumers,' says Nicholas Rudaz, Franck Muller's chief executive. 'Cities like Sydney and Melbourne have truly matured into key luxury hubs.
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'The average spend of our customers in Australia is currently around $15,000.'
The brand's $352,400 Gravity Skeleton Tourbillon, in a rose-gold case studded with diamonds, should help push the average customer spend higher.
Australian expansion is taking place as the international luxury watch market recalibrates. The Swatch Group, whose brands include Omega and Tissot, this week reported an 11.2 per cent drop in sales for the first half of the year. Piaget and IWC Schaffhausen's parent company Richemont reported a 7 per cent decrease in sales for the first quarter ending June 2025.
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