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Multitasking and meditation are the two essential mantras of the corporate world today. Whatever has a dedicated and single use, will undergo metamorphosis to maximise its potential. From human beings to machines, all are serving many purposes at the same time; whether all these purposes are necessary or not is a point apart. The 21st century belongs to those who do more things at the same time, and show additional efficiency and focus in every job. 
 
Every discovery/invention that had happened over the past few centuries and still happens to be useful, underwent some sort of metamorphosis. Just as the humble radio had to be reinvented, the wrist watch, which was a symbol of ‘class’ throughout the 17th century, currently does more things than just telling the time. 
 
The wrist watch almost died a natural death with the arrival of the cell phone, which carries a convenient digital clock. However, the mobile phone could not nudge the watch out of existence and the latter has had a commendable resurrection. As we all know, the humble wrist watch has come a long way from performing the sole and simple task of telling the time. 
 
Of course, the 21st century has gotten way too demanding for this small time-keeping device. But in spite of heavy odds, this small piece of class seems to be holding up just fine. Just look at today’s watches that help you record audio, chat, play music, sense the weather, keep a tab on your health and exercise regime, communicate with and act as a bridge between smartphones and tablets. What’s more, these have a hidden camera and one can spy upon others using a watch! 
 
Researchers and analysts have been predicting some super innovations for the watch industry, which is pegged to be highly futuristic. That’s because what is on your wrist is as good as a body part and may evolve into a hi-tech interactive device that won’t get lost too soon. Therefore, when people say your future is in your hands, they surely mean the wrist, too! 
 The watch industry has witnessed a steady growth and increased penetration into unconventional markets, flush with high disposable incomes. This is especially true for Rural India where consumerism is on the rise and the demand for luxe goods is a given. All these factors have been driving the Indian wrist watch market into a rapidly growing sector. Between FY2008 and 2013, the Indian wrist watch market has increased at a <keyword id="107168" type="ORGANIZATION" weightage="40" keywordseo="CAGR">CAGR</keyword> (compound annual growth rate) of 9.3%. 
 One of the key reasons for this growth is being attributed to the growth of e-commerce websites. These sell 92% of the online <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword>, rest are sold via watch makers personal websites. Major e-commerce players like Snapdeal, Flipkart, Watchkart, Jabong and <keyword id="319719" type="COMPANY" weightage="40" keywordseo="Myntra">Myntra</keyword> have been driving this growth. 
 
It is also important to note that the wrist watch segment in India has evolved into a competitive market, with a large number of players offering new and innovative products for men and women coming from different sections of the society and different age groups. When creating new designs with various utilities, the leisure time activities of users are factored in to ensure better customisation. After all, a mountaineer has different requirements, compared to a scuba diver, isn’t it? 
 
Ever since its inception in 1984, Titan, the world’s fifth largest watch manufacturer, has managed to liven up the somewhat staid Indian wrist watch market. This leading watch manufacturer from India exports to nearly 32 countries and boasts a plethora of brands including Fastrack, Sonata, Raga, Edge, Xylys and more. According to a survey, about 50 million watches are sold in India every year. 
 
The Indian wrist watch industry falls under three broad classifications – mass market, mid-market and premium. While the premium is a small segment, it is driven by the crème de la crème and often has high impression value. 
 
The elite club has, however, seen traction for both new and old brands, with oscillating loyalty being displayed by patrons to both segments in equal measures. These ‘club class’ watch lovers are excited about new luxury brands entering the market as possessing those would clearly define their ‘arrival’ status. At the same time, they remain loyal to the old brands that signify class by default. 
 But whether it is a new entrant like the Swiss brand Vacheron or old players such as <keyword id="54994" type="CITY" weightage="40" keywordseo="Tag-heuer">Tag Heuer</keyword>, Omega, Rado, <keyword id="350546" type="COMPANY" weightage="40" keywordseo="Piaget">Piaget</keyword>, Hublot, Blancpain, <keyword id="30247" type="PERSON" weightage="40" keywordseo="Cartier">Cartier</keyword>, Ulysse Nardin, Chopard, <keyword id="115750" type="UNKNOWN" weightage="40" keywordseo="Jaeger-LeCoultre">Jaeger-LeCoultre</keyword> etc, the Indian watch segment for these multinational brands has seen very conventional growth, compared to the significant boom in other luxe segments. 
 
This being the case, innovations in the wrist watch space could be like a volcano that’s bubbling within for want of direction and resurrection. Who knows, watches become the ‘next big thing’ in this digital era. Let’s wait and watch! 
 
Image: ThinkStock

Watch
Out For The Watch!

<ul class="summary-list"><li>The ultra-rich owners of the world's leading luxury brands took a hit to their fortunes on Tuesday.</li><li>Declines in LVMH and Kering shares cut the value of Bernard Arnault and François Pinault's stakes.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-arnault-kering-pinault-chanel-loreal-luxury-wealth-china-stimulus-2024-9">billionaires behind</a> some of the world's most iconic fashion brands took a blow to their fortunes on Tuesday as disappointed investors dumped luxury stocks.<a target="_blank" class="" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">Bernard Arnault</a>, the founder and CEO of LVMH Moët Hennessy Louis Vuitton, owns nearly 49% of Dior and Sephora's parent company, filings show. LVMH shares fell as much as 7% in Paris on Tuesday, slashing the value of his stake by about $13 billion, before paring their decline to 3%.Arnault ranked as the world's fourth-richest person with a $197 billion net worth at Monday's market close, per the Bloomberg Billionaires Index. He was the <a target="_blank" class="" href="https://www.businessinsider.com/bernard-arnault-lvmh-worlds-richest-person-overtakes-jeff-bezos-2024-3">wealthiest person on the planet</a> a few months ago, but flagging demand for luxury goods in China has cut LVMH stock by 11% this year, and his wealth by <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-bernard-arnault-wealth-rich-list-billionaires-luxury-musk-bezos-2024-9">more than $10 billion</a>.One of only two people on Bloomberg's rich list who've lost more money this year is Arnault's arch rival, <a target="_blank" class="" href="https://www.businessinsider.com/francois-pinault-kering-art-collection-gucci-house-christies-net-worth-2019-3">François Pinault</a> — the founder of Gucci and Balenciaga owner Kering.Kering shares tanked by as much as 8% on Tuesday, trimming the value of Pinault's roughly 41% stake by more than $1 billion, before narrowing their decline to 5%. Pinault was 83rd in the wealth rankings with a $24 billion fortune at Monday's close, down more than $11 billion this year.Other luxury names suffered <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-kering-shares-slump-china-luxury-sector-stimulus-2024-10">similar declines</a>, shrinking the fortunes of their biggest shareholders too. For example, the <a target="_blank" class="" href="https://www.businessinsider.com/dumas-family-hermes-wealth-net-worth-heirs-fortune-lifestyle-birkin-2019-3">Dumas family</a> owes most of its estimated $150 billion fortune to Hermès stock, which slid 3% on Tuesday.Former Richemont CEO Johann Rupert's family derives the bulk of its $14 billion fortune from the company behind Cartier and Piaget, which dropped 3%.Moncler CEO Remo Ruffini isn't quite rich enough to appear on Bloomberg's index (the lowest-ranked person is worth almost $6.4 billion), but Forbes pegs his net worth at $3.4 billion. The ski-jacket maker's stock also fell 3% on Tuesday.Chanel isn't publicly traded, but Bloomberg's list shows that co-owners <a target="_blank" class="" href="https://www.businessinsider.com/wertheimer-family-chanel-fortune-gerard-alain-vineyards-thoroughbred-net-worth-2019-2">Alain and Gérard Wertheimer</a> were worth about $46.6 billion apiece at Monday's close. Given the valuation declines across many other luxury brands on Tuesday, they're probably worth less now.The selloff was sparked by China's economic planners holding a press conference but not detailing their <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">stimulus plans</a>. The promise of interest-rate cuts, looser bank regulations, liquidity support, and even a stock stabilization fund had boosted markets worldwide.

Dior and Gucci owners suffer $14 billion wealth crash as luxury stocks slide

<ul class="summary-list"><li>Usher made an appearance at the 2024 Met Gala on Monday.</li><li>He walked the red carpet in an Alexander McQueen suit and cape adorned with roses.</li></ul>This year, the <a target="_blank" href="https://www.businessinsider.com/met-gala">Met Gala</a> red carpet was full of <a target="_blank" href="https://www.businessinsider.com/best-dressed-met-gala-red-carpet-looks-ranked-2024-5">innovative fashion, glamorous gowns, and sharp suits</a>.But did you notice Usher's multimillion-dollar watch?When the musician arrived on the red carpet in a sparkling Alexander McQueen suit and cape, you could only see his leather hat, the red rose he carried, and his assortment of pink rings.<div type="image" title="Usher attends the 2024 Met Gala." height="2000" width="1333" msid="109932857" hostid="261" sizebytes="112070"></div>But tucked beneath his sleeve was a vibrant pink watch from Jacob &amp; Co.The massive timepiece, called the Ruby Billionaire III, is made from 18-carat white gold, sapphire glass, and 714 rubies. According to a press release from the brand, it's worth $5 million.<div type="image" title="Usher attends the 2024 Met Gala." height="2000" width="1333" msid="109932859" hostid="261" sizebytes="81868"></div>The bracelet perfectly matched his rings, also from Jacob and Co., and added another pop of color to his edgy outfit.<div type="image" title="Usher attends the 2024 Met Gala." height="1156" width="1541" msid="109932861" hostid="261" sizebytes="74934"></div>Of course, he wasn't the only star to wear standout jewelry at this year's <a target="_blank" href="https://www.businessinsider.com/met-gala-co-chairs-theme-dress-code-explained-2024">Met Gala</a>.Though considerably less expensive than Usher's watch, Brooklyn Beckham donned a $33,805 Piaget piece on his wrist, and Matt Damon sported a $43,400 timepiece from the same brand.<div type="image" title="Brooklyn Beckham attends the 2024 Met Gala." height="2000" width="1333" msid="109932863" hostid="261" sizebytes="72058"></div>And that's not to mention the necklaces, rings, earrings, and other pieces worn by celebrities.<a target="_blank" href="https://www.instagram.com/p/C6przIhiVSB/?utm_source=ig_web_copy_link&amp;igsh=MzRlODBiNWFlZA==">Pamela Anderson</a> wore 200 carats of lab-grown diamonds from Pandora, and <a target="_blank" href="https://www.businessinsider.com/met-gala-best-and-worst-looks-billionaires-wore-2024-5">Indian billionaire Sudha Reddy</a> paired her sparkling outfit with a $10 million necklace.

Usher walked the Met Gala red carpet in a dramatic cape, but his $5 million watch stole the show

<ul class="summary-list"><li><keyword id="20254334" type="General" weightage="20" keywordseo="Richemont" source="keywords" meta.keywordsubtype="org" meta.entityname="Richemont" meta.hostid="261" meta.entityid="Richemont">Richemont</keyword>, the conglomerate behind brands like <keyword id="20006766" type="General" weightage="100" keywordseo="Cartier" source="keywords" meta.keywordsubtype="org" meta.entityname="Cartier" meta.hostid="261" meta.entityid="Cartier">Cartier</keyword>, is outperforming its competition.</li><li>Its focus on <keyword id="22159441" type="General" weightage="20" keywordseo="hard-luxury" source="keywords">hard luxury</keyword>, like jewelry and watches, has helped it through a rough economic climate.</li></ul><keyword id="20018817" type="General" weightage="20" keywordseo="LVMH" source="keywords" meta.keywordsubtype="org" meta.entityname="LVMH" meta.hostid="261" meta.entityid="LVMH">LVMH</keyword> is the biggest <keyword id="21183725" type="General" weightage="20" keywordseo="luxury-conglomerate" source="keywords">luxury conglomerate</keyword> in the world. As the owner of brands like Louis Vuitton, Moët &amp; Chandon, and Bulgari, the French company has become synonymous with luxury — and made a lot of money doing it, as demonstrated by <a target="_blank" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">CEO Bernard Arnault's</a> position as the third-richest man in the world. But there's another corporation beating LVMH at its own game, and you probably haven't even heard of it: Richemont. Switzerland-based Richemont, behind brands like Cartier, Van Cleef &amp; Arpels, and Piaget, is having a moment. Its stock has climbed more than 20% since the start of the year, outperforming LVMH as well as <a target="_blank" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Kering, which sells brands like Gucci</a> and Saint Laurent. It's a boon for investors seeking reassurance that European luxury stocks aren't over — especially in China. "Richemont has provided reassurance to investors on several points. Cartier and Van Cleef are continuing to show very strong momentum and notable growth," Chiara Battistini, JPMorgan's head of European luxury and sporting goods research, told Business Insider over email. One major benefit in this uncertain economic climate: Richemont is skewed to hard luxury, including the <a target="_blank" href="https://www.businessinsider.com/cartier-history-luxury-jewelry-watchmaker-worth">iconic designs of Cartier</a>, which has been creating jewelry for high-flying members of society for more than 150 years, as well as Van Cleef. "In tough times, because we are in tough times right now in luxury, there is a tendency to buy less, buy better," Erwan Rambourg, the global cohead of consumer and retail research at HSBC, told BI. "At the end of the day, if you have to buy one piece of jewelry from one jeweler, it's going to be Cartier." In the first quarter of this year, Richemont's largest brands all saw positive year-over-year growth on Google Trends and an increase in website visits, according to a JPMorgan report from May. Meantime, brands like Louis Vuitton and Gucci saw declines in both areas. Even LVMH's Arnault has noticed: "In the competition, there's a very good group, that is the Richemont Group," he said in January, going on to compliment the group's chairman, fellow billionaire Johann Rupert. "Rupert, we consider as an outstanding leader. And I don't, in the slightest, wish to upset his strategy." <h2>All that glitters is gold</h2>Unlike <a target="_blank" href="https://www.businessinsider.com/lvmh-creating-neighborhoods-around-its-brands-2024-4">luxury conglomerates LVMH</a> and Kering, Richemont focuses disproportionately on hard luxury — literally, the stuff made from hard materials like gold, gemstones, and diamonds. In the 2024 fiscal year, jewelry made up 69% of its revenue and watches 18%. It's a good time to be in that business. During difficult macroeconomic times or when people are squeezed, they are more likely to splurge on something they know will hold value, like metals and gems, than on something less durable and more trend-driven, like clothing or handbags (<a target="_blank" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">with Hermès being a notable exception</a>). "At times of economic crisis — I mean, not that everyone runs out and buys a Cartier watch or a Van Cleef &amp; Arpels necklace — but they are a safer bet," Fflur Roberts, the head of global luxury goods at Euromonitor, told BI. Part of the reason is that a classic Cartier piece — like the rectangular Tank watch launched in 1919 or the three-banded Trinity ring, which debuted five years later — is unlikely to go out of style. The <a target="_blank" href="https://www.businessinsider.com/cartier-love-bracelet-popular-again-2015-12">Love collection, a Cartier classic</a> featuring a screw motif, has been around for five decades and still makes up more than 20% of the company's revenue, HSBC's Rambourg said. <div type="image" title="A picture of Princess Diana with her hands folded in a namaste post, wearing a long white dress." height="968" width="1180" msid="111117084" hostid="261"></div>"It doesn't have the fashion risk to the same extent as, for instance, apparel and even leather goods," Jelena Sokolova, a senior equity analyst for Morningstar, told BI of the fine jewelry business. "All of this favors the most established brands: Cartier and Van Cleef." Jewelry is also a good investment. A 2022study by Credit Suisse and Deloitte called fine jewelry and watches "safe havens" in "uncertain times," with steady single-digit returns and low volatility. "The world might come to an end, and your piece of jewelry might still be worth something," Rambourg said. And when it comes to <a target="_blank" href="https://www.businessinsider.com/jewelry-whats-popular-and-out-of-style-right-now-2024#long-lasting-classics-are-becoming-more-popular-2">buying bling as an investment</a>, no one wants to roll the dice on something new. "When people are concerned about putting their money in other, more traditional financial assets, then jewelry has become an area where people are investing," Euromonitor's Roberts said. "Spending a bit more and getting a really true heritage luxury brand like Cartier" is safer, she added. <h2>China cha-ching</h2>Last month, rumors swirled that <a target="_blank" href="https://www.businessinsider.com/status-symbols-people-at-new-york-fashion-week-see-everywhere-2024-2">Van Cleef</a> planned to raise its prices in China — and chaos ensued. Local news <a target="_blank" href="https://jingdaily.com/posts/van-cleef-and-arpels-price-hike-sparks-chinese-buyer-frenzy">outlets</a> reported lines forming at the country's 30-plus stores as customers rushed to buy Alhambra bracelets, which cost anywhere from $1,420 for a single clover on a yellow gold chain to $61,500 for a five-clover diamond design. The frenzy shows just how devoted Chinese consumers are to the now-iconic clover pieces, which can be seen on the wrists and necks of the country's influencers and street-style inspirations. The popularity is reflected in the data. Driven by Richemont's top brands, Cartier and Van Cleef, sales gained 7% in the country, including Hong Kong and Macau, in Richemont's 2024 fiscal year. <div type="image" title="van cleef necklace" height="683" width="1024" msid="111117077" hostid="261"></div>Meanwhile, <a target="_blank" href="https://www.businessinsider.com/rich-chinese-millennials-solo-travel-no-kids-new-status-symbols-2024-5">some luxury conglomerates, like Gucci's parent company Kering</a>, have struggled in that market. While Richemont's results in the country have been touch-and-go depending on the quarter, the company is still beating out the competition. "They are over-indexed in China compared to their peers," Sokolova said. Part of that is related to the <a target="_blank" href="https://www.businessinsider.com/china-economy-gold-rush-consumer-spending-money-savings-starbucks-gucci-2024-5">increasing popularity of jewelry</a> in the country. In 2023, jewelry and watches overtook handbags as the top-spending category in China, according to a <a target="_blank" href="https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion#/">McKinsey report</a>. By 2027, its share of discretionary spending is expected to gain another four percentage points. On top of that, the philosophy of buying a tried and true brand — and specifically recognizable items from one of these brands — is even stronger in China. Branded jewelry is expected to increase from 15% of the market in 2019 to 25% to 30% in 2025, according to a 2021 McKinsey report. That growth is driven by customers in Asia. From the aforementioned Alhambra line, which was called out on Richemont's earnings call, or Cartier's Love collection, no one does branded like Richemont. "If you're in a bar or restaurant, you're sitting at a distance, you can recognize the Labra pendant from Van Cleef. You can recognize the Love ring or the Love bracelet or the Trinity," Rambourg said. "It's the equivalent of putting a big fat logo on a bag." <h2>Passing down the crown jewels</h2>There's another piece of hardware that Richemont has handled well: its scepter. In May, the company announced a new CEO, Nicolas Bos, a Cartier veteran who transformed Van Cleef from an unprofitable brand to Richemont's second-biggest cash driver. It was welcome news in an industry in which many <a target="_blank" href="https://www.businessinsider.com/bernard-arnault-lvmh-adds-nepo-baby-children-to-board-luxury-2024-4">companies remain family-run</a> — a model accompanied by uncertainty. <a target="_blank" href="https://www.businessinsider.com/bernard-arnault-lvmh-children-delphine-antoine-alexandre-frederic-jean-dior-2023-1">LVMH</a> and Prada have both been caught up in media speculation around who will take over when their patriarch and matriarch, respectively, step aside. While chairman Rupert is still staying on — the controlling shareholder, he founded the company by spinning the international brands off of his father's South African conglomerate in 1988 — Bos' appointment provides some relief for investors. The company's announcement caused shares to tick up 6%. <div type="image" title="Nicholas Bos" height="684" width="1024" msid="111117074" hostid="261"></div>"The No. 1 question I've had for the past two years is who's going to replace Rupert? What's the post-Rupert world?" Rambourg said. "They just bought themselves a lot of time" by nominating someone in their 50s to run the group, he said. The appointment also included a restructuring of the company, naming one CEO for the entire conglomerate, which "provided better clarity and more straightforward structure on corporate governance," JPMorgan's Battistini said. That said, Bos does have his work cut out for him, particularly regarding the YNAP, the group's online fashion retailer that owns sites like Net-A-Porter. It's a lossmaker for a company, and a deal to offload it fell apart in December. Last week, it was reported that the platform would pull out of China amid dwindling sales. But as they say, heavy is the head that wears that crown — but perhaps not the arm that wears the Cartier Love bracelet. Correction: June 20, 2024 — An earlier version of this story had misstated Nicholas Bos' age. He is about 53, not 51.

The luxury conglomerate behind Cartier is beating LVMH at its own game

<ul class="summary-list"><li>Austen Chu, 26, is the cofounder of Wristcheck, a platform for buying and selling pre-owned watches.</li><li>He launched the company in 2020 and opened a brick-and-mortar store in a mall in Hong Kong in 2021.</li></ul>This as-told-to essay is based on a conversation with Austen Chu, the 26-year-old cofounder of Wristcheck. It has been edited for length and clarity.I've been addicted to watches since I was a kid growing up in Shanghai. My grandparents were math professors, so I was taught numbers before letters.When I started collecting, there wasn't a huge watch collecting community in China. Watch collecting wasn't in pop culture, like it is now. Everything I learned came from nerdy forums that didn't even have photographs.I bought my first mechanical watch with money I earned from DJing when I was 15. It took me a year to save up for a secondhand Hamilton Jazzmaster Face 2 Face, which <a href="https://affiliate.insider.com?postID=63ea668620014407a85ec1a5&amp;site=bi&amp;u=https%3A%2F%2Fwww.hamiltonwatch.com%2Fen-sg%2Fh32856705-jazzmaster-face-to-face.html" target="_blank" rel="noopener">costs around $6,700</a> new, while secondhand is a few thousand dollars. I'd contact sellers who said they had it and they didn't, or I'd visit their stores to find the condition of the watch was terrible.When I got to college, I decided I wanted to fix this problem, so I started building my own watch community online and went on to start a watch consignment business called <a href="https://wristcheck.com/" target="_blank" rel="noopener">Wristcheck</a> in 2020. We've had more than $80 million in watches consigned to us since we launched, and we've sold watches worth more than $1 million multiple times.<h2>I started posting about my favorite watches on my own Instagram as a teenager</h2>My friends weren't interested in watches, and the older collectors didn't take me seriously because of my age, so I didn't have that many followers.I started buying and selling secondhand watches as a hobby. I didn't have a huge collection — I'd only own three watches at any time. I also got scammed a few times. Not everyone was sending the mint-condition watches they sent photographs of. This led to me owning something that wasn't as valuable as I thought it was, but I was still determined to continue collecting.During my freshman year at NYU Shanghai, I launched <a href="https://www.instagram.com/horoloupe/?hl=en" target="_blank" rel="noopener">@horoloupe</a>, an Instagram page dedicated solely to rare watches and limited-edition pieces. I would visit watch stores and post images of anything that caught my attention. I decided to make the page anonymous so no one knew a teenager was behind it.By graduation, I'd grown the account to 30,000 followers. I started working for a finance company after school, but I was posting constantly, and the limited-edition pieces I was photographing were getting lots of likes. I decided to stop being anonymous, and my profile as a watch enthusiast grew.The ageism never stopped — I just turned being a Gen-Z watch collector into an advantage. It wasn't long before brands were approaching me for collaborations and magazines asked me for interviews.<a href="https://www.businessinsider.com/see-audemars-piguet-ultra-thin-royal-oak-watch-50th-anniversary-2022-4">Audemars Piguet</a> reached out and asked me to premier one of its new models on my Instagram page. Then when I met Francois-Henry Bennahmias, the CEO of Audemars Piguet, at an event in late 2018, I asked whether they thought about creating a limited-edition timepiece for China, and they decided to go for it. I was even more shocked when they asked me to collaborate with them on the titanium Royal Oak Perpetual Calendar, one of which <a href="https://www.instagram.com/p/B7YTtKUAdw_/" target="_blank" rel="noopener">sold at auction for 300,000 Swiss francs, or around $326,402</a>.<h2>As I started working with watch brands, it became clear to me I needed to make a change</h2>I was still working until 10 p.m. each night at the finance company. In 2018, with some savings from my finance job, I decided to quit. I wanted to help other people my age navigate the watch world and create a presale site for Gen Z watch collectors.When I was being interviewed by Hypebeast in Hong Kong, I met my future cofounder and ecommerce expert Sean Wong. When I told my friends about my idea, they thought I was crazy, but Sean could see that it would work.By July 2020, Sean had left his job, and I'd moved to Hong Kong to launch the brand. I knew that Hong Kong would be the perfect launch pad as it had been the <a href="https://www.nytimes.com/2021/09/08/style/watches-hong-kong.html" target="_blank" rel="noopener">number-one export market for Swiss watches for over a decade</a>, and it had no sales tax on luxury goods.<h2>Our aim for the brand was to make the buying and selling process of watches as transparent as possible</h2>Whereas an auction house can make 20-30% from buyers and 10% from sellers, we would take 8% from sellers and 4% from buyers. We'd also authenticate the watches with the brands directly, which helped us build relationships with them.We're a consignment-based company, so we don't buy the watches. We only give the seller the money once we've received payment from the buyer. This means we don't have our money invested in watches and we can focus our spending on growth. Until October 2022, we didn't spend any money on marketing.In March 2021, we listed 80 watches for sale priced from $5,000 to $500,000. My Instagram account gave us a few thousand followers at the beginning and then further interest was gained with media attention. The two of us did everything — taking photographs of the watches, writing the product descriptions, and sending invoices out of our coworking space in Hong Kong. When we rang up our first sale for a vintage Patek Philippe Nautilus 3800, we were ecstatic.<h2>While our goal is to be mostly online, we knew that a store would help build trust with customers who were leaving their expensive watches with us</h2><div type="image" title="The Wristcheck store in the Landmark Atrium mall in Hong Kong" height="5503" width="7337" msid="97886025" hostid="261" sizebytes="803690"></div>My own experience in the secondary market was kind of awful and nowhere near glamorous. The stores were dingy basements in sketchy parts of town, and watches were laid out like dead fish.I wanted our store to take inspiration from an art gallery, where they have knowledgeable gallerists, you get a glass of champagne, and secondhand art is given the same level of respect as brand-new art. While rents were a little cheaper during the pandemic, opening a state-of-the-art store in a mall in Hong Kong was expensive, but we knew it would be worth it to help build trust with customers. Everything from finding a location to finding staff was a learning curve.On September 1, 2021, we opened our store at the Landmark Atrium in Hong Kong. It was one of the best days for the brand as we saw our dreams come to fruition.<div type="image" title="The Wristcheck store in the Landmark Atrium mall in Hong Kong." height="5429" width="7239" msid="97886027" hostid="261" sizebytes="527926"></div>We now have 30 members of staff, including a creative team that produces video content for brand collaborations; a dedicated watch concierge team who previously worked for companies such as Piaget and the watch department at Bonhams; and a tech team.I wake up at 5:30 a.m. so I can answer emails and chat with collectors in Europe and the US. I might start the day with a breakfast meeting with a collector or a brand, but I can still be working until 10 p.m. In my downtime I'm still thinking about watches, but as I've just got a puppy, I now spend time going for hikes and discovering new places in Hong Kong.<h2>Until June 2022, we'd bootstrapped the brand with our savings</h2>We now plan to launch in mainland China, so we decided to seek funding. A lot of our clients are very wealthy, so attracting investors was organic. When we sold our fifth watch, a client asked if he could invest in the company. We didn't take them up on it at that point, but we reached back out.By November 2022, we'd raised $8 million, with our lead investors being <a href="https://www.ent-fund.org/en/news/details/417" target="_blank" rel="noopener">Gobi Partners</a>, who manage the Alibaba Hong Kong Entrepreneurs Investment Fund.The money raised will be used to launch an app in the second quarter of 2023, and we're also focused on improving our AI by building a pricing tool that'll show you what the last three versions of your watch sold at and whether your watch is real or fake.

I started an Instagram fan page for luxury watches and turned it into an $8 million resale business — here's how

<ul><li> <keyword id="3278591" type="General" weightage="20" keywordseo="dhilip-kumar" source="Orion">Dhilip Kumar</keyword>, Chief Creative Director, <keyword id="6384897" type="General" weightage="20" keywordseo="BYJUS" source="Orion">BYJU'S</keyword> shares how edtech platforms use gaming as a powerful vehicle to make learning experience fun.</li><li>Game mechanics, when employed in learning, provide students with a psychologically driven willingness to approach and meet their targets.</li></ul>In the last decade, we have witnessed the conversation shift from whether or not technology solutions should be employed in educational processes to how effectively they can be used to enhance learning. Game mechanics process is part of this technological foray into learning processes that transforms traditional classroom activities into projects that require creativity, collaboration and play. However, despite its recent popularity, the concept of game mechanics in learning new concepts has been around since the '70s. Termed 'epistemic games', these modules have been specifically concerned with developing knowledge through game-play that is focused on teaching players how to think creatively. Epistemic games served as the first digital era instructional tools in which the player learns to think like a professional by playing a simulated game pertaining to professions such as accounting, architecture, law, banking etc. establishing that <keyword id="12559499" type="General" weightage="20" keywordseo="game-learning" source="Orion">game learning</keyword> is connected to better learning outcomes and engagement. While there is a certain hesitancy in embracing game mechanics as a part of mainstream education among parents, these concerns are unfounded. In fact, <a href="https://www.researchgate.net/publication/258839995_Digital_badges_in_education">studies</a> reveal that game mechanics and the various reward-based approaches reinforce better learning and promote success. It's worth noting that the approach has less to do with games or gaming and more to do with incentivising the learning process through technology. The main objective of game mechanics is to motivate and reinforce student learning through feedback, rewards, and the opportunity to practise until they master a subject. A study conducted by theorist Dr. Thomas W. Malone in 1980 revealed that intrinsically motivating teaching occurs via games when they offer players options in three important categories: challenge, curiosity, and fantasy. When a computer game is designed based on this framework, players are more motivated to play and learn. With the use of game-design principles, animations, interactive quizzes and tests, the whole learning experience is enhanced and the true power of technology is realised. Based on a recent <a href="https://www.businesswire.com/news/home/20210218005699/en/Game-Based-Learning-Market-Report-2021---Global-5.8-Billion-Market-Trends-Share-Size-Growth-Opportunity-and-Forecast-to-2026---ResearchAndMarkets.com">report</a>, the global game-based learning market reached a value of $5.8 billion in 2020 and is expected to keep growing in the years ahead, poised to become a prominent feature of e-learning. Sustaining student motivation Maintaining students' motivation has long been a priority for educators. Game mechanics, when employed in learning, provide students with a psychologically driven willingness to approach and meet their targets. Swiss psychologist Jean Piaget proposed that the human condition is centered around the joy that comes from problem solving and expanding our world view. This notion led him to hypothesise that games that aim for true disequilibrium and provide tools to overcome it are typically the most effective. Game learning combines theory-heavy subjects with engaging reward-based outcomes. The incentivisation of learning promotes analytical thinking and logical reasoning. Enabling personalised learning Educators have countless possibilities for selecting and implementing game mechanics in ways that connect with students' passions and enable them to achieve their learning objectives. For example, a math teacher can pique students' interest in a simple lesson on geometry by engaging them in relevant shape-based games that introduce and reinforce the concept. Later, the teacher may also encourage students to further explore the topic using teaching aids so that the students can begin to form genuine ideas about equivalence. When academic assignments are made more enjoyable, personalised and accessible for students, it helps them connect with their interests. Game-based e-learning allows students to design their own learning path, from building their own monitoring system to choosing the pace at which they wish to learn. It instills a sense of confidence and ownership in them while also strengthening their self-esteem. Instead of staying in the background, they are more inclined to take the initiative and lead. Allowing creativity to flourish Children are born with a creative spirit. Educational games encourage children to use a variety of techniques to solve problems, stimulating their creativity as well as their problem solving skills. Word-based games encourage youngsters to learn in a fun and participatory way, increasing both learning and collaborative thinking abilities. Furthermore, the incentives and points acquired throughout each session motivate learners further given that they are able to track their progress and plan their future steps in their learning journey. Building interpersonal skills While game mechanics can be highly personalised to suit an individual learner's needs, it can also be leveraged to engage group activities and teamwork among students. Game-based learning in groups has the ability to bring students together for a common objective. Collaboration, communication, and empathy are all enhanced as a result of this. Negating the fear of failure Failure is an inevitable and necessary component of the learning and growing process, although it is often viewed with a negative lens. Game-based learning teaches children that failing and reattempting tasks is perfectly acceptable. By removing the taboo around failure, it creates an environment of persistence and perseverance for children, which in turn fosters self-confidence, resilience, and better decision making acumen by reducing the stigma around failure. While the wheels of innovation in online learning are still churning, there is little doubt that game mechanics is the future of e-learning. Game mechanics not only help children set clear goals but also creates a safe and engaging learning environment for a better learning experience. If an immersive and experiential learning journey is to be released for every child, game-based learning holds the key.

BYJU'S Chief Creative Director shares how game learning has the potential to be a powerful vehicle for learning

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Paul Hackett/Reuters</div></div></div><ul><li>Researchers who've studied more than 6,000 kindergartners found that the kids rated by their parents as more curious and willing to try new things performed better on math and reading assessments at school.</li><li>The curious kids did well regardless of socioeconomic background - suggesting there's something about being curious that helps everyone learn.</li><li>Even curious kids who weren't as persistent or attentive in class did well, and the researchers suspect that curiosity may be a more important trait to foster in children than self-control.</li></ul> For years, scientists have documented the downsides of growing up poor.<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2528798/">Studies have shown</a> kids from low-income families are generally less ready to start school. They score lower on vocabulary tests and have more trouble concentrating in class. What's more, being chronically hungry, unsafe, or neglected can <a href="https://www.mailman.columbia.edu/public-health-now/news/unequal-stress-how-poverty-toxic-children%E2%80%99s-brains">re-shape a developing child's brain</a>, dosing it with toxic stress. New research published <a href="https://www.nature.com/articles/s41390-018-0039-3">in the journal Pediatric Research</a> in April suggests there may be one simple trait that can help kids learn and succeed in school, regardless of their socioeconomic background.Researchers who looked at the reading and math scores of 6,200 kindergarteners in 2006 and 2007 found that those kids whose parents rated their children's behavior as most curious did the best in school, regardless of socioeconomic status. The results were consistent for both boys and girls, too.The high-performing kids from all walks of life liked trying new things, and were rated as more imaginative in both work and play by their parents.These kids "seek answers to the unknown," lead study researcher Prachi Shah, a developmental pediatrician and research scientist at the University of Michigan, <a href="https://eurekalert.org/pub_releases/2018-04/mm-u-sel042718.php">said in a release</a>. The kids' reading and math scores were consistently better the more curious they were. That was true even when the students weren't very good at a self-control measure called "effortful control," which tracks how attentive and persistent students are when completing tasks. The findings suggest that while traits like paying attention, controlling impulses, and delaying gratification may be important for young learners, being curious might matter more when it comes to learning new things. "Even if a child manifests low effortful control, higher curiosity may be associated with more optimal academic achievement," the authors wrote. As early childhood pioneer Jean Piaget once put it, kids are not "empty vessels to be filled with knowledge." Instead, they're "little scientists who construct their own theories of the world," <a href="https://www.scholastic.com/teachers/articles/teaching-content/pioneers-our-field-jean-piaget-champion-childrens-ideas/">he said</a>.Developing a sense of wonder, trying new things, and asking novel questions of the world are not the only ways that little ones across the socioeconomic spectrum can get better at learning their letters and numbers.For years, studies have shown that early childhood learning and preschool programs like <a href="https://www.brookings.edu/research/the-long-term-impact-of-the-head-start-program/">the Head Start program</a> can lead to better educational outcomes for a lifetime. Kids who attend Head Start are more likely to graduate high school, go to college, and develop better self-control and self-esteem, eventually becoming better parents themselves. And a treasure trove of studies about <a href="http://www.sesameworkshop.org/what-we-do/our-results/">kids who watch Sesame Street</a> when they're young has also shown that singing along with Big Bird and Oscar the Grouch is a great way to develop literacy, emotional wellbeing, and respect. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/phillips-academy-andover-best-high-school-america-education-boarding-2017-10">Inside the best high school in America, which costs $53,000 a year</a></h3> <div> </div> </div>

Researchers have isolated what may be the single most important trait that makes kids successful in school

Programming is the art of telling a computer what to do through a set of instructions. Those instructions are written in a computer's language, or code. We use computers constantly—be it for something as simple as killing the alarm clock or texting a friend. Turning into a programmer is one of the most ideal approaches to have an impact at the world since you can influence a large number of lives with the things you make. 
 As programming turns into an increasingly important part of the modern world—this is the new form of construction—educators and researchers are attempting to make it more fun and approachable, particularly for kids with little patience for frustration and abstraction. Lately, they've taken a stab at everything from books to games like Minecraft. Now, with another initiative called Project Bloks, a group of <keyword id="6355629" type="CITY" weightage="100" keywordseo="Google">Google</keyword> researchers is attempting to make <keyword id="1574956" type="UNKNOWN" weightage="20" keywordseo="coding">coding</keyword> a hands-on experience. 
 
“Our aim is to create an open hardware platform to help developers, designers, and researchers build the next generation of tangible programming experiences for kids,” said Google in a statement. 
 Project Bloks is preceded and moulded by a long history of research: from Friedrich Froebel, <keyword id="331302" type="PERSON" weightage="20" keywordseo="Maria-Montessori">Maria Montessori</keyword>, Jean Piaget's pioneering work in the range of learning by experience, exploration, and manipulation to the research started in the 70s by Seymour Papert and Radia Perlman with Robot Logo, TORTIS, and everything in between. 
 
What does it look like? 
 
So what does the platform really look like? There are fundamentally three parts that make up the Bloks system. At the heart of everything is the purported "Brain Board," a small Raspberry Pi Zero-based board that functions as the central processing unit and gives power to whatever is left of the system. 
 
The Brain Board then converses with the "Pucks" and "Base Board," that together make up the physical programming language of Project Bloks. 
 
How does it work? 
 
Base Board examines the instructions from the Pucks and pass them on to the primary Brain Board. They are essentially the channel to move instructions from the diverse parts of the program to the brain. Base Board highlights haptic motors and a LED so users can get continuous input. The Base Board can likewise be used to play audio. 
 
Project Bloks isn't the first, or only, way to approach using tangibles to teach programming abilities to kids. It takes its inspiration from numerous different projects. We anticipate that Project Bloks will be considerably more advanced and integrated when it arrives.

This is how Google is making coding as easy as writing a
sentence for you

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>A police officer in Ferguson, Missouri, <a href="http://www.businessinsider.com/ferguson-mo-michael-brown-shooting-2014-8">shot and killed</a> an unarmed, black 18-year-old named Michael Brown on Saturday, sparking riots and protests in the St. Louis suburb. At least 50 people were arrested in three days.
Details have been hazy about the shooting, but two competing stories have emerged. St. Louis County Police Chief Jon Belmar says <a href="http://www.cnn.com/2014/08/10/justice/missouri-police-involved-shooting/index.html">Brown assaulted the officer first</a>, and then the two began to struggle with the officer's gun. 
The police version is at odds with another story, corroborated by multiple witnesses, including 22-year-old Dorian Johnson, Brown's friend who was "within arm's reach" of Brown when the first shot was fired. Johnson spoke to <a href="http://www.msnbc.com/msnbc/eyewitness-michael-brown-fatal-shooting-missouri">MSNBC last night and gave his account</a>. Here's a summary of his version of the events. (Police have reportedly <a href="http://www.businessinsider.com/police-havent-spoken-witness-saw-ferguson-shooting-2014-8">refused to interview Johnson</a>.)
On Saturday afternoon, somewhere between 1:40 p.m. and 2:00 p.m., Johnson says he saw Brown walking on the street and went to talk to him. As the two caught up, they headed back to Johnson's house. When they were a 1-minute walk away, they went to cross the street. As they walked in the middle of the road - jaywalking - a police car drove up. The officer told the two to go on the sidewalk, according to Johnson.
"His exact words were get the f-k on the sidewalk," Johnson told MSNBC.
Johnson told the officer they were almost at their destination. Thinking the officer was giving them leave, they began walking again. Instead of driving away, the officer switched his police truck in reverse, tires screeching, and nearly hit the two, according to Johnson.
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>At that point, Johnson said, he and Brown were in line with the officer's side door. The officer asked them what the two had said and then tried to push his door open, according to Johnson. Because the two were so close to the door, Johnson says the door hit Brown and closed. The officer then allegedly grabbed Brown by the neck.
Brown then tried to pull away to avoid being choked, Johnson says.
"They're not wrestling so much as his arm went from his throat to now clenched on his shirt … It's like tug of war. He's trying to pull him in. He's pulling away, that's when I heard, 'I'm gonna shoot you,'" Johnson said. 
The two realized the officer had pulled out a hand gun and pointed it at Brown. The officer repeated, "I'll shoot." Seconds later, the first shot went off. Johnson says the officer let go after he shot Brown. 
Brown and Johnson then ran towards a line of three cars on the side of the street. Johnson went behind the first, but Brown ran past. Brown yelled "Keep running, bro!" But by the time he got to the third car, the officer shot Brown in the back, according to Johnson.
Johnson says Brown stopped, put his hands up, turned around, and yelled he didn't have a gun.
The officer allegedly shot several more times, Brown fell to the ground, and Johnson ran to his apartment. 
"It was just horrible to watch … <a href="http://www.ksdk.com/story/news/local/2014/08/13/dorian-johnson-michael-brown-eyewitness/13986845/">It was definitely like being shot like an animal</a>," Johnson told local news station KSDK. 
The account of another eyewitness, Piaget Crenshaw, 19, <a href="http://www.stltoday.com/news/local/crime-and-courts/anger-confrontation-after-fatal-shooting-of-teen-by-ferguson-police/article_04e3885b-4131-5e49-b784-33cd3acbe7f1.html">seems to match Johnson's</a>.
The St. Louis County police department have opened its investigation of the incident. Meanwhile, the FBI <a href="http://www.washingtonpost.com/politics/fbi-will-investigate-death-of-black-teenager-in-missouri/2014/08/11/991b3dce-2165-11e4-8593-da634b334390_story.html">has announced that it will open a parallel civil rights investigation of the shooting</a>.

This Is The Version Of The Ferguson, Missouri Shooting That Police May Not Want You To Hear

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>Imagine selling a $14 million New York City apartment&#xa0;entirely through Twitter or SnapChat.&#xa0;Emma Hao, an agent for luxury-home broker Douglas Elliman has done it.Well...that's not quite true. Hao brokered the sale through WeChat, China's most popular instant messaging app. She does this a lot, and she's not alone."I'll put up a floor plan and say that a new property is good on the blog and the location is great. Then people will say 'I'm interested' and buy," she said. "It's really something else."<h2>An unexpected use</h2>Chinese Internet and gaming giant Tencent launched WeChat in 2011 as a voice messaging app with <a href="http://www.businessinsider.com/chinese-kik-like-apps-at-a-glance-2011-8">location services</a>. But it's grown into a seamless one-stop shop for common apps: users can watch movies, call cabs, share photos, buy clothes, play games, and <a href="http://www.prnewswire.com/news-releases/wechat-webank-and-we-more---tencent-holdings-analyst-report-issued-by-brokerbank-securities-inc-300080722.html">even offer personal loans</a>.Lately, it's turned into something of a real-estate sales platform - specifically connecting Chinese buyers with agents in the U.S.Chinese nationals are the largest group of foreign buyers of U.S. real estate. Looking for a safer place to park their assets and diversify their holdings, they're also willing to<a href="http://www.businessinsider.com/the-chinese-super-rich-are-about-to-flood-the-us-real-estate-market-2015-8"> pay&#xa0;more than all other nationalities</a>, according&#xa0;to the National Realtors Association. And there are 650 million &#xa0;- largely Chinese - users on WeChat. That's more than double the US population. "I would pay $100 a month to use WeChat," said Jing Wang, a 36-year-old real estate agent for Lin Pan Realty Group in New York.&#xa0;"It would be much harder to be introduced and reach Chinese clients because many of the social websites, like Facebook, are blocked in China - that's a lot of time and money."<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"></div></div></div>Wang, who specializes in serving Chinese buyers&#xa0;only joined WeChat after becoming a real-estate agent.&#xa0;All of his Chinese clients communicate with him via the app. He says he's sold properties up to $5 million, with the buyer in China through the entire process.Tours are given via video and photos, and negotiations are completed solely through the chatting app. A legal representative cements the deal on the brokers end, and an electronic version of the contract makes its way to the new owners. Payments however, are still done by cash.For the buyers seeking investment properties, the prospect of a&#xa0;15-hour flight from the east coast of China to New York&#xa0;is reason enough to rely on WeChat."WeChat has become essential to consumers' daily lives," Xiaofeng Wang, an&#xa0;analysts at Forrester Research in Beijing wrote in a July note. "Marketers the world over must take account of WeChat, which has become so ubiquitous that it has changed Chinese consumers' mobile behaviors in profound ways."Real estate agent Wang advertises his listings via a free blog and leaves voice recordings with clients, so negotiations can be done over days rather than late at night.But there's also the issue of trust. Buying a multi-million dollar investment from someone you've never met before seems reckless.But users such as Hao use their apps as a personal blog: she&#xa0;posts&#xa0;photos and write about her food, clothes, makeup and lifestyle - and that fosters an online personality."I say what I want to say so they know exactly who I am, and I update my daily life - and people like it. You show you have a personality - that's what makes a sale," she said. "Maybe they never&#xa0;comment on anything, and suddenly they'll send you a message."<h2>Tencent's strategy: Appeal to marketers</h2>It's certain that the property deals are only a tiny portion of activity on WeChat, but they're an unexpected area of growth for the app that&#xa0;has been struggling to gain traction in the West. Owned by Chinese Internet giant Tencent, WeChat earlier this year stopped advertising in the West as user growth plateaued.Overseas user acquisition "has sort of come to an end," said Tencent President Martin Lau Chi-ping during&#xa0;a <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=4&amp;cad=rja&amp;uact=8&amp;ved=0CDUQFjADahUKEwjCmuiQ6I3JAhUBeT4KHZ01AXU&amp;url=http%3A%2F%2Fwww.scmp.com%2Flifestyle%2Farticle%2F1741792%2Ftencent-scraps-wechat-global-expansion-plans-despite-strong-profits&amp;usg=AFQjCNHELwd4C2h2OGuIibbrTBo8F8unCQ">press conference in March</a>.Tencent released third quarter earnings Tuesday, reporting a 32% increase in profits to $1.2 billion - beating analysts expectations. WeChat alone reported an increase to&#xa0;roughly 650 million active monthly users, up 39% since last year. The agents don't pay anything right now to use WeChat, even if they're able to sell an apartment. If the real-estate firms were to seek a formal presence on the platform, like some luxury brands have, they'd have to pay for that.Tencent didn't respond to Business Insider's request for comment. We'll update this post if we hear backInstead of trying to gain more users overseas, Tencent has turned its attention to expanding WeChat's&#xa0;already vast ecosystem within China and South East Asia - cementing a&#xa0;pool of extremely loyal users that spend on average&#xa0;more than half their time on mobile using WeChat, according to Forrester Research.&#xa0;<div class="KonaFilter image-container display-table float_left click-to-enlarge"><div><div class="image"><a title_source="Grata.co" title_caption="WeChat's estimate of how the app has affected spending in lifestyle and entertainment." class="zoomin" href="https://static-ssl.businessinsider.com/image/5638dbde9dd7cc10008c6d69-960/wechat-impact-report-14-1024.jpg"></div></div></div>For Tencent, increased O2O activity helps boost their nascent payment service, Weixin Pay, and heightens&#xa0;the chances&#xa0;of more advertising revenue from companies - which is becoming a increasingly important portion of Tencent's business.<h2>No broader U.S. surge expected</h2>Tencent shouldn't expect the unexpected usage by brokers to turn into an overall surge in the U.S., though, because&#xa0;people separate their personal and professional lives, independent analyst Bryan Wang said.While Westerners may use the platform to reach Chinese customers, few will&#xa0;use it at home."In our opinion, WeChat is likely to focus more in establishing a strong ecosystem in China as the competitive landscape in the West seems to be much more challenging," said John Choi, executive director of&#xa0;at Daiwa Capital Markets. "The user interface of the Asian messaging apps tend to appeal more to Asian users."Still, the brokers aren't deterred.&#xa0;Maurice Owen-Michanne, 34, is another New York City based agen who who has sold a property worth $4 million over WeChat. The client had a legal&#xa0;representative&#xa0;who viewed the property, while the buyer relied on&#xa0;photos, blueprints and videos. He speaks almost no Chinese."It's helped tremendously break down the traditional barriers and strengthen my relationship with my clients," he said.&#xa0; <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/cop-pulls-clever-move-to-save-a-man-from-suicide-2015-10">Cop pulls a clever move to save a man from suicide</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Fva2IxeDo_F1XueEXgAq2Q4PjLqva1_D" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Chinese nationals are buying multi-million dollar US homes using the country's most popular instant messaging app

<div class="image-container float_right" style="width:400px"><div class="image"></div>Shutterstock</div>Hey Apple head honchos, we don't care about smart <keyword id="22670" type="PERSON" weightage="60" keywordseo="watches">watches</keyword>, so don't even bother trying. 
Watches have been around for over 500 years, surviving wars and tech revolutions. We may have advanced past the technology of the classic mechanical wrist watch, but we're far from trading our OMEGAs for Apples.
It doesn't matter that Google, Apple, and Samsung are all rumored to be <a href="http://www.businessinsider.com/google-also-working-on-rival-to-apples-iwatch-2013-3" target="_blank">patenting smart watches</a> that could theoretically threaten the <keyword id="6363239" type="ORGANIZATION" weightage="60" keywordseo="luxury">luxury</keyword> watch market.
Brands like A. Lange &amp; Söhne, Piaget, Harry Winston and Rolex <a href="http://www.businessinsider.com/luxury-watch-sales-have-hit-record-highs-despite-the-downturn-2013-1" target="_blank">all continue to excel</a> and are showing no signs of slowing down despite the potential added competition of the tech giants. 
Watch brands understand, along with watch lovers, that strong sales and consumer demand will continue even if smart watches and new technology flood the watch market. 
Here's why the classic wrist watch will never die.
The Bond effect
Since soldiers were first given "<a href="http://www.qualitytyme.net/pages/rolex_articles/history_of_wristwatch.html" target="_blank">Trench Watches</a>" during WWI, the mechanical wrist watch has evolved into a major luxury market.
Big brands like Rolex, Cartier, Harry Winston, and A. Lange &amp; Söhne are sought out because of the quality of the product, but also because the brand name has a history which suggests affluence, good taste, and a cultured past.
“Rolex in the United States is first and foremost a status symbol. Many people want a Rolex for what it says about them rather than for the product itself,” explained Ariel Adams, Editor-In-Chief of <a href="http://www.ablogtowatch.com/" target="_blank">aBlogtoRead.com</a> and <a href="http://www.worldwatchreport.com/" target="_blank">WorldWatchReport</a> contributor. "And these people want to buy this status for the cheapest price possible."
Apart from history and brand recognition, pop culture is a huge factor in a watch's status. It's not uncommon for major brands to secure celebrity endorsements to attract consumers.
<div class="image-container float_left" style="width:400px"><div class="image"></div><a href="http://www.omegawatches.com/spirit/jamesbond/omega-and-bond">OMEGA</a>James Bond wearing an OMEGA Seamaster watch.</div>For instance, there was a 45% increase in consumer interest on WorldWatchReport for the <a href="http://www.omegawatches.com/spirit/jamesbond" target="_blank">OMEGA Seamaster collection</a> after the James Bond movie "Skyfall," according to <a href="http://www.digital-luxury.com/" target="_blank">Digital Luxury Group</a>. Men scrambled to buy the watch 007 wore not only because the Seamaster was a high-quality product, but because it symbolized an aspirational lifestyle.
"Brands make heavy investments in securing the right 'Brand Ambassadors' and event sponsorship," explained Laetitia Hirschy, a <a href="http://www.worldwatchreport.com/" target="_blank">WorldWatchReport</a> Project Manager at Digital Luxury Group. "It's to help ensure a maximum of visibility and aspiration from current and potential consumers who 'look up' to these celebrities and associate them to the watch brand they are wearing."
And it's not just Hollywood. Thanks to brand ambassadors like Michael Phelps during the 2012 Olympic Games, watch searches skyrocketed on WorldWatchReport.
Replace an iPhone, but not a watch
Mechanical watches have remained popular through the digital age because of their craftsmanship and superior quality.
"We're all extremely attached to our cameras, our phones, our computers, our iPads, and I think there's something charming about owning something analogue," Stephen Puvirent, associate editor of the online watch publication <a href="http://www.hodinkee.com/" target="_blank">HODINKEE</a>, told us. "I'm going to replace my iPhone sometime in the next few years. But a really high-quality watch I can wear and enjoy on a daily basis."
<div class="image-container float_right" style="width:400px"><div class="image"></div>Sony / Columbia Pictures screencapThe interior of Abraham Lincoln's pocket watch.</div>Watch buyers accept that they're paying tens of thousands of dollars for what went into making their watch because they expect it to last.
It takes master watchmakers months and sometimes years to create the elaborate interior mechanisms that make mechanical collectors' watches so special, such as a split-second chronograph (two second hands to time different events) and perpetual calendars (which are designed to display the correct date on any given day in the future).
"For our collectors, it's something that they admire as a collectible, they see these pieces as art," A. Lange &amp; Söhne PR Manager Alexander Haxton told us. 
Because watches are of such high-quality, the market for vintage watches has also remained strong. "These things come to you with a story," Pulvirent said. "You may get a vintage diving watch from the 1970s that was actually on the wrist of a professional diver for 20 years by the time it gets to you. I think in our current society, watches offer a unique opportunity to be a part of an extremely long life span of a beautiful object."
Watches span generations
Never underestimate the power of history and nostalgia. 
Watch brands recognize that even if people aren't necessarily wearing watches to tell time, the watch can still be a symbol of something more personal.
"I can give my watch to my children and they can give it to one of their children," Pulvirent said. "It's something that works in perpetuity since watches aren't something that needs to be changed constantly."
<div class="image-container float_left" style="width:400px"><div class="image"></div><a href="http://www.askmen.com/fashion/galleries/sihh-the-best-new-watches-of-2013-12.html">James Bassil</a>Van Cleef &amp; Arpels has made watches since 1906.</div>Because it's so common to pass watches down from generation to generation, brands have integrated this into their marketing: Patek Philippe's motto is, “You never actually own a Patek Philippe. You merely take care of it for the next generation.”
Haxton explains, "For the people who are buying our watches, it's a collector's item, something they'll be passing down." 
Part of our national social consciousness
For some people, wearing a watch is a habit they've retained since they were children with their first Mickey Mouse watch. For others, it's a memory of a special graduation or wedding present.
"I don't wear my watch to tell time, I wear it because my wife's father gave it to me as a wedding gift," <a href="http://www.businessinsider.com/author/chris-c-anderson">Business Insider Senior Editor Chris C. Anderson</a> said. "It's my way of showing respect to him. I'm a non-watch person who wears a watch."
And despite new technology, the luxury watch industry is still going strong.
"I don't think the watch industry is going anywhere," Haxton agreed. "There's a lot of newer technology like Apple's smart watch, and of course, everyone has their cellphones. But people are still appreciating watches and have been for awhile, including the younger generations."
The classic wrist watch isn't going anywhere.

DEAR APPLE: We Don't Want A Smart Watch Because The Classic Wrist Watch Will Never Die

<div class="KonaFilter image-container"><div class="image">"Tiny Times"</div></div>
<h3 class="rubric">The market is growing furiously, but getting tougher for foreign firms</h3>
In the heart of old Shanghai is a magnificent villa that serves as the workplace of Guo Jingming, a provocative young film-maker. "Tiny Times", his recent blockbuster, follows the travails of some fashionable college girls (pictured, in the walk-in closet of one of them). Its depictions of the high life, rarely shown in Chinese films, have set social networks ablaze; they have also been attacked by the People's Daily for "unconditional hedonism". Mr Guo says: "So what? Materialism is neutral, neither positive nor negative." After all, he goes on, China's cosmopolitans know at any given moment what movies are playing in New York and what fashions are on the Paris runways.
China's once-drab and Mao-suited interior is not so far behind. In Mianyang, a middling city in the province of Sichuan, an enormous billboard featuring Miranda Kerr, an Australian supermodel, draped in Swarovski crystals welcomes shoppers to the Parkson shopping mall. It is one of half a dozen high-end malls in town. Luxury sales are exploding there. Local Audi and BMW dealers sell more than 100 cars each a month; Land Rover, Jaguar and Cadillac have just muscled in on the market.
Thirty kilometres (20 miles) away in Luxi, a town of 57,000 people, online shopping is hot. The first express-delivery office opened only three years ago, and handled perhaps ten packages a day; today, there are five, each handling 100 packages a day. Even 60km away, in rural Santai county where farm-workers are the customers, one modern shopping mall has sprung up and another is being built. "Customers are evolving very quickly from the low-end market to the middle and high-end," says Yang Shuiying, proud general manager of the Zizhou shopping centre.
In the 1950s and 1960s the world economy was transformed by the emergence of the American consumer. Now China seems poised to become the next consumption superpower. In all likelihood, it has just overtaken Japan to become the world's second-biggest consumer economy. Its roughly $3.3 trillion in private consumption is about 8% of the world total, and it has only just begun.
"The future of the world will be profoundly shaped by China's rush toward consumerism," says Karl Gerth, an expert on Chinese consumption at the University of California, San Diego. Although investment made the biggest contribution to China's growth last year, and although private consumption's share of output, now at 36%, fell between 2000 and 2010, that trend is unlikely to last, for several reasons.
First, boosting the people's desire to consume is a stated goal of China's leaders. Higher government spending on health care and pensions may encourage households to save less for such things. Higher interest rates may, paradoxically, discourage thrift if people reach their savings goals faster. Rising wages and an ageing population will also shift the balance towards consumption rather than saving. And although household debt is growing fast, China still has relatively little.
Besides, consumption has not fallen in absolute terms. It has, in fact, grown briskly--just not quite as quickly as the economy overall. In dollar terms, China contributed more than any other country to the growth in global consumption in 2011-13, according to Andy Rothman of CLSA, a broker. Moreover, China's official statistics understate some consumption--spending on housing, for example.
A massive push to urbanise is also under way, which should produce tens of millions of richer citizens seeking retail therapy. McKinsey, a consultancy, forecasts that consumption by urban Chinese households will increase from 10 trillion yuan in 2012 to nearly 27 trillion yuan in 2022 (see chart 1).
<h3>Fickle Sophisticates</h3>
How much China spends is striking. Even more so is the way it spends. This is now one of the world's most sophisticated consumer markets, heavily skewed towards expensive goods. Local property barons are now building half the world's new shopping malls in China, many of them in smaller cities, because even punters without big incomes are becoming big shoppers. Research by IDEO, a consultancy, has found that many young migrant workers earning less than 5,000 yuan ($830) a month will spend a month's wages on an Apple iPhone.
That points to another difference from previous consumption booms elsewhere: with the world's largest e-commerce market at their fingertips, Chinese shoppers are online from the start. As a result, what was once a foreign marketers' fantasyland is now the world's fiercest battleground for brands.
Sanford C. Bernstein, a research firm, calls the Chinese "increasingly aspirational and conspicuous consumers" who routinely trade up to fancier labels even on staples. Newly middle-class types in cities in the interior are keen to try out new products, especially the ones they have seen on foreign television shows. Jeff Walters of the Boston Consulting Group (BCG) points out that even country bumpkins are consuming global media, thanks to the wild popularity of local online-video services. Chinese consumers, he says, were watching the latest season of "Downton Abbey" on Youku, a video-sharing website, well before it was released in America.
This passion for fashion is, in theory, good news for multinational marketers. Unlike, say, Japan, where consumers heavily favour local brands, Chinese consumers hold foreign brands in high esteem. Torsten Stocker of AT Kearney, a consultancy, observes that foreign brands are doing well in sectors they introduced to China (chewing gum, chocolate); those that have "heritage" appeal (premium cars, luxury goods) and those where local brands are not trusted, such as powdered baby milk. The world's fast-food and consumer-goods giants--Procter &amp; Gamble, Pepsi, General Mills and so on--are also big in China, but they are increasingly dogged by local rivals. A recent study by Bain, another consultancy, found that although foreign brands still lead in some areas (biscuits, fabric-softener, bottled water), local brands are surging in others (toothpaste, cosmetics, juice).
Brand-hopping, though, is rife. Having grown up with radical economic change, Chinese shoppers are "very fickle, and hard to pin down to a strong brand loyalty", says Mintel, a market-research firm. Yuval Atsmon of McKinsey reckons that brand-switching--between Pepsi and Coke, Colgate and Crest, KFC and McDonald's--is common, "much more so than in most markets". Swarovski, the crystal-maker, has discovered that over three-quarters of Chinese customers are eager to try new brands, a far higher figure than elsewhere. A recent study by Bain found that the top five brands in ten categories lost 30-60% of their customers between 2011 and 2012.
This creates several problems. With two or three times as many brands on shelves as found in other countries, competition is ferocious. This makes advertising and marketing vital--but the cost of publicity is soaring. Also, firms that thought they enjoyed a "first-mover advantage" have discovered that their brands are now seen as stodgy or old-fashioned. Olay, a cosmetics brand, defined skin care in China for a generation--but Carol Potter of BBDO, an advertising agency, reckons that "the new generation thinks it's a brand from yesterday." She adds that whereas Louis Vuitton once symbolised good and expensive taste in China, a new generation is seeking different, subtler luxuries.
<h3>The Empty Suitcase</h3>
Another complication for marketers is that many Chinese shoppers have a global outlook. When previous middle classes rose to prominence in America and Japan, the internet did not exist. People could not Google the latest European fashions or check discounts on Amazon. The arrival of cheap air travel has also made the Chinese more discerning shoppers. Mr Stocker argues that these factors have "compressed the discovery process", which in Japan took 30 years, to less than ten.
The Chinese are already the world's biggest shoppers abroad, but a report released on January 20th by CLSA forecasts that the number of outbound Chinese tourists will double to 200m a year by 2020 and that their spending will triple over that time. James Button of SmithStreet, a consultancy, reports a well established piece of etiquette: "You must let friends know when you are going overseas," and take along an empty suitcase.
Many Chinese also use online shopping agents, who aggregate requests and bring back foreign goods. Sales by overseas purchase agents came to nearly 50 billion yuan in 2012, a leap of more than 80% on the year earlier; they jumped by half again last year to 74.4. billion yuan. Foreign websites, including Amazon, now offer direct delivery to China for certain products, and local e-commerce giants such as Alibaba run cross-border services.
Buying overseas saves money, since mark-ups and hefty taxes are the rule in China. Many ordinary folk travel not just to Hong Kong, the most convenient spot, but to Jeju Island in South Korea (where they can visit without a visa and shop duty-free) to stock up on cosmetics that cost much more at home. Price, though, is not the only motivation. Another is to avoid the counterfeit goods so common on the mainland. Even more important, consumers say, are the variety and freshness of the products available overseas.
Nowhere is this wide-ranging urge to spend more obvious than in the market for luxury goods. Globally the Chinese are the biggest buyers of expensive items, accounting for some 29% of purchases last year (see chart 2). Some two-thirds of Chinese spending on luxury goods takes place outside the mainland; a fifth of it in Europe. (Harrods of London has seen sales to Chinese shoppers, its largest foreign contingent, increase by 50% a year since 2011.) Consistently favoured brands include Lancôme, Gucci, Audi, Rolex and Tiffany.
The Chinese are also the world's largest consumers of Bordeaux wine and cognac, though sales (like those of Moutai, a local grain alcohol) have fallen in the wake of official campaigns against gift-giving (see "Corruption: Less party time"). At Berry Bros &amp; Rudd's bonded wine warehouse in Basingstoke, in southern England, where 4.5m expensive bottles are stored, more than 1m of those are owned by oenophiles from greater China. No longer, says the firm's chairman, should the Chinese be pictured ruining fine wine by pouring Coca-Cola into it.
Although a government crackdown on corruption has crimped mainland sales, and some luxury firms slowed down the rollout of new boutiques there last year, Coach, Prada and Bottega Veneta continued to expand. Apple expanded too; it now has more stores in Shanghai than in San Francisco, and launches new iPhones in Beijing when it does in California. Mr Button of SmithStreet thinks brands offering affordable luxury--Michael Kors and Kate Spade, say--can capture both the upwardly mobile and the "post-luxury" elites in the cities, who want less flashy brands.
In the past, the Chinese showed little interest in Western art. That is starting to change, and may change quicker with the opening of a new museum of Western art in Shanghai. The richest man in China has just paid $28m for a Picasso, though he was condemned as "unpatriotic" on Sina Weibo. Ms Potter also observes that two-thirds of affluent consumers are keen to know the history and cultural background of foreign brands. So they love to buy Piaget watches in Geneva and Zegna suits in Milan, but reject unconventional offerings such as German watches or Japanese leather bags.
It is not only in luxury goods that Chinese shoppers are leading the way. China has become the world's biggest e-commerce market, with spending forecast to reach $540 billion next year. On Singles Day, an annual online-marketing extravaganza held on November 11th, 400m Chinese spent $5.7 billion just on Tmall, an e-commerce platform run by Alibaba; Americans, on their Cyber Monday a few weeks later, spent only about $2 billion. China is the world's biggest maker and consumer of smartphones, and will soon be the largest "mobile-commerce" market, too.
Perhaps because they distrust official information, the Chinese rely heavily on peer reviews. Research by BCG has shown that they write, and act on, online reviews of products and services far more than Westerners do. A recent study of purchases of moisturiser found that two-thirds of Chinese buyers relied on online recommendations by friends or family; the comparable figure in America was less than 40%. Millions of online shoppers follow the thoughts of Miumiu and Viviandan, leggy twins from industrial Chongqing, who started posting pictures of themselves in the latest fashions, with wry observations on trends and prices, a decade ago. Even now they post recommendations nearly every day on social-media sites such as Instagram, or on Weibo. Their likes and dislikes make or break products.
Online shoppers in the remotest parts of China often know a great deal about a global brand's attributes and pricing worldwide--which can put marketers on the back foot. Chinese consumers are no longer willing to pay a hefty premium for any old foreign brand. As they grow more discerning, multinationals are having to work harder to prove their worth--and are having to defend their brands on China's wild social media. But creative approaches can pay off.
When VF Corporation, a large American clothing firm, wanted to promote The North Face, a brand of outdoor clothing, in China, it struggled. Whereas climbers and hikers in the West relish the thought of conquering mountains alone, the Chinese generally think of outings in Nature as a spiritual escape, to be enjoyed with friends. So the firm created an online community linking amateurs to clubs devoted to outdoor pursuits. The website offers points for activity and loyalty that can be redeemed for products. Sales are soaring, and VF now has a detailed database of over half a million keen customers.
The online awareness of Chinese customers has big global implications. According to Andrew Keith, the president of Lane Crawford, cosmopolitan Chinese consumers are now setting the agenda: "We are not teaching them, they are teaching us." (He should know; his Hong Kong department store has half a dozen shops in greater China, 650,000 high-spending customers and, in the new Shanghai store, private suites for "Platinum VIPs" who spend 60,000 yuan or more a year.) Alexis Perakis-Valat, head of L'Oréal's China business, agrees. He believes that the Chinese market, unlike those in Western countries, is driven by young urban consumers who are demanding something new and have no taboos. He points to peculiar and distinctive products developed for this niche in China, such as a black-foam face-scrub for men, which are now being launched around the world.
<h3>We're All Chinese Now</h3>
Another sign of such innovation is the reinvention of Johnnie Walker, a mass-market whisky brand belonging to Diageo, the world's biggest spirits firm, as a luxury brand in China. Keen to win over sceptical consumers more accustomed to baijiu (a local firewater), the firm opened Johnnie Walker House in Shanghai almost three years ago. For around 800,000 yuan, or $132,000, the company's master blender (with the delicious surname of Beveridge) will fly in and brew a special batch of Johnnie Walker precisely matched to a customer's tastes. Certain rare blends, including some bearing the marks of the Chinese zodiac, are sold only at this venue.
This effort has helped Diageo introduce its whiskies to thousands of affluent customers, who in turn have pushed the firm towards new inventions--such as blends with a much higher alcohol content--which helped its whisky revenues grow twice as fast as the industry average. The concept has been such a success that the company has opened new Houses in Beijing and Seoul, and plans others. When Diageo unveiled Odyssey, a special-edition blend, in 2012, it kicked off the global launch not in London or New York but in Shanghai.
Life was simpler for foreign brands when they first came to China, reflects David Roth of The Store, an advertising agency: "It was a land grab…you just had to create awareness as quickly as possible." Now the Western invaders must not only cater to the world's most demanding shoppers, but also cope with increasing home-grown competition. Chinese firms are starting to catch up with their fancier foreign rivals. Some even aspire to become global brands.
Huawei, a telecoms-equipment giant, is making a big push into branded consumer electronics. "We have it easier than Samsung did," says Colin Giles, chief marketing officer for its consumer business, because Korean firms paved the way for global acceptance of Chinese brands. Xiaomi, a startup smartphone manufacturer in Beijing, has developed a hugely popular phone-and-app system inspired as much by Amazon as by Apple. It could become China's first global innovation powerhouse.
Leading the local pack is Lenovo, an electronics firm that previously bought IBM's personal-computer business (and on January 23rd agreed to buy its low-end server business, too). When it launched its latest Yoga tablet last year it chose Ashton Kutcher, a Hollywood star who had played Steve Jobs in a film, as its spokesman. David Roman, Lenovo's chief marketing officer, says that even a few years ago it would have been unthinkable to do a global product launch in China with a single tagline, unified advertising content and a Western spokesman. But now he thinks there is "a global consuming class", with more in common across borders than within.
That sums up the rise of China nicely. Future consumer markets everywhere are going to look more Chinese. They will increasingly be cosmopolitan, luxury-minded and online. Firms that can flourish in China are not only winning today's toughest market, but are also positioning themselves for tomorrow's.
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