DICKSON Concepts (International) plans to sell watches in China at more than three million yuan (about HK$4 million at official rates) each from May 13. The company said yesterday that it had exclusive marketing rights for 11 brands, including Rolex and Tudor. It also gave further details of its plans to dazzle mainland consumers with expensive designer goods. An exhibition of products worth $100 million, including antique lighters from ST Dupont and museum pieces from Charles Jourdan, would tour major cities, starting with Beijing, chairman Dickson Poon said. The move would make his company ''a pioneer in the marketing and distribution of quality timepieces in China'', he said. ''Initially the bulk of the business will be done through the lower or medium market, but I think it is important to stimulate interest in Chinese consumers for more exclusive or expensive products.'' Prices will start at 300 yuan. Mr Poon brushed aside worries that operating costs might get out of control because of Chinese inflation, indicating that the mix of yuan and Hongkong dollar prices would insulate the operation from the sliding value of the Chinese currency. The shop-building programme under way had been tendered on a fixed-price basis, he said. The other brands are Chopard, Bulgari, Audemars Piguet, ST Dupont, Hermes, Sonia Rykiel, Charles Jourdan, Guy Laroche and Carrera. One analyst said the company owned or had a long association with most of the brands. By the end of the year, the group would have department stores in Shanghai and Shenzhen plus 10 watch and jewellery outlets and at least eight boutiques selling several brand names in China, Mr Poon said. The product launches and associated outlets could be funded internally and no cash call would be needed, he said. The company's total commitment to China was $250 million so far, Mr Poon said, and would produce profits this financial year. ''Not only will we be able to fund the investment from internal resources, but we will remain debt-free,'' he said. He added that the Harvey Nichols department store in London, bought for GBP53.7 million (about HK$644 million) in October 1991, had seen a dramatic upturn in business. All departments except the new food market and restaurants had shown a year-on-year weekly sales increase of between 25 and 50 per cent during the past six weeks, he said.
