Swiss independent watchmaker Breitling aims to open more than 20 new boutiques in the Chinese market, said Georges Kern, CEO of Breitling, after announcing new brand ambassadors, Yang Ying and Huang Jingyu in Shanghai last month.

Kern pointed out that the Chinese market boasted a significant young consumer base, with Generation Z emerging as the primary purchaser of luxury goods. Moreover, the huge population base also provided more opportunities for luxury brands like Breitling.

"At present, the Chinese market accounts for about 5 percent of our total turnover, which is still quite low compared to other Swiss watch brands, but it precisely shows that there is much potential of the growth in the Chinese market," Kern said.

"It is important to acknowledge that China is an emerging market where the luxury industry has thrived for only 20 to 30 years. In other words, while you may see a mix of large and small retail counters in the US, the established retailer network is less extensive in China, leading consumers to gravitate more towards boutique shopping experiences," he added.

Kern further pointed out that the export value of Swiss watches reached CHF 23.7 billion ($27.6 billion) in 2022, an increase of 11.6 percent compared to 2021. As an important brand in Swiss watches, Breitling's sales  increased by nearly 25 percent in 2022 compared to 2021.