Augusto Capitanucci reveals more about Hublot's new boutique in Limassol

Augusto Capitanucci, Regional Director of Swiss watchmaker Hublot, talks about the company’s latest venture – a new Boutique inside the City of Dreams Mediterranean integrated casino resort in Limassol – and what prompted the company to invest further in the Cypriot market.

He also refers to the main trends for this year and to the significance of a luxury watch in today’s corporate and business world.

Hublot, in collaboration with Vassos Eliades Accessories Ltd, will be opening a new Boutique inside the City of Dreams Mediterranean integrated casino resort this summer. How did this venture come about and what was the reasoning behind the company’s investment?

The reasons are many but simple to interpret: first of all, the Cyprus market has shown strong signs of growth in the last three years, in part thanks to the arrival of new residents from neighbouring countries. Furthermore, the trust that binds us to our local partner, Vassos Eliades, and its Managing Director, Evagoras Charalambous, quickly convinced us to invest in a project which, among other things, is extremely similar to one that already sees us present in Macao.

How long has Hublot been present in Cyprus? What is your opinion on the Cyprus market overall?

Hublot has been in Cyprus for 17 years, with a fluctuating trend but still with positive results. This is due to the product but also to the support and advice of our local partner.

Cyprus is an EU member state with a large number of foreign residents, especially investors and citizens from countries such as the Middle East, Israel, China and elsewhere. With such a diverse population, would you expect to see a growing interest in luxury watches in the country?

This is precisely the main reason that prompted us to invest in a Hublot Boutique within the City of Dreams Mediterranean and to increase our visibility on the island. The melting pot that has been created in recent years has attracted a large number of prospects, which has translated into excellent results in terms of sales of luxury items. To see this, it is enough to analyse the brands present in Cyprus and, in particular, at City of Dreams.

What, in your opinion, is the significance of a luxury watch in the contemporary corporate and business world?

It is an emotional and exciting object; a distinctive accessory. Our watches are not only characterised by their unique design but also by the fusion of technical and noble materials that make them exclusive. This is an interpretation that is valid today for many brands that no longer look only at a watch’s complication and function but also at its recognisability, which often says a lot about the person who wears it.

How would you describe the profile of the Hublot customer in the Southeast Europe (SEE) market?

Customers in this market are not very different from those in the rest of the world. The main feature of Hublot is that it is a transversal brand and it is, therefore, often bought on impulse, almost as if it could not be done without. After that, there are two sub-categories: those who want a Hublot in its classic guise, who therefore choose from the Classic Fusion range and the Big Bang Classic, and those who, instead, want the technique and the Art of Fusion raised to the nth degree and therefore head towards Big Bang Unico, Spirit of Big Bang or Square Bang. I would say that the majority of customers in South-East Europe belong to the latter category.

What are the most successful and best-selling Hublot products in the SEE market and what are the main trends this year?

As mentioned, parts of the whole range, with a predominance of the most exclusive models such as the Big Bang Unico, the Spirit of Bing Bang and now the latest addition, Square Bang.

What is Hublot’s latest news as regards the SEE (opening of new stores, events etc.)? What is your personal vision for the SEE market?

Our latest openings are the Hublot Limassol City of Dreams and the Hublot Santorini Boutique. We place great emphasis on these projects which are already producing excellent results: the premises were there and now they have been confirmed by the results. The peak should be reached in the next few days and should stabilise until September to then reach a balance that we expect to last throughout the year.

This interview first appeared in the 2023 The Cyprus Journal of Wealth Management. Click here to view it.