WorldWatchReport™ 2013 - Haute Horlogerie Preview

1. 2013 ! The Leading Market Research in the Luxury Watch Industry! Since 2004! ! HAUTE HORLOGERIE PREVIEW JANUARY 2013 © Digital Luxury Group, DLG SA, 2013

2. The Leading Market Research in the Luxury Watch Industry. Since 2004. 2013 HAUTE HORLOGERIE PREVIEW . §  9th Edition §  18 Haute Horlogerie Brands §  20 Markets, including BRIC §  1 billion searches analyzed using DLG’s proprietary semantic analysis technology DemandTracker™ (see Appendix) 2013 §  Published in partnership with Europa Star Haute Horlogerie Preview and the gracious support of the Fondation de la Haute Horlogerie §  Full version of report, covering 60+ brands, available in April at the time of Baselworld © Digital Luxury Group, DLG SA, 2013 2

3. The Leading Market Research in the Luxury Watch Industry. Since 2004. 18 HAUTE HORLOGERIE BRANDS STUDIED . Note: Other brands exhibiting at the Salon International de la Haute Horlogerie such as Cartier, IWC, Panerai, and Piaget, have not been analyzed in this year’s preview research after a revised brand segmentation, the results of which will be released in April at the time of Baselworld. See Appendix for more information. © Digital Luxury Group, DLG SA, 2013 3

4. The Leading Market Research in the Luxury Watch Industry. Since 2004. 20 GLOBAL MARKETS ANALYZED . © Digital Luxury Group, DLG SA, 2013 4

5. The Leading Market Research in the Luxury Watch Industry. Since 2004. 8 Key Insights About the Haute Horlogerie Market in 2012 © Digital Luxury Group, DLG SA, 2013 5

6. The Leading Market Research in the Luxury Watch Industry. Since 2004. Geographic Search Breakdown for Haute Horlogerie by Market [Year-over-Year] Russia: 9.4% [+42.9%] Germany: 10.4% [+6.5%] United Kingdom: 6.1% [+1.2%] Japan: 4.8% [-11.7%] United States: 15.6% France: 6.5% [-10.6%] [+6.9%] Qatar: 0.1% Spain: 1.8% [-41.0%] China: 31.3% [-4.3%] [+26.8%] Mexico: 0.7% [-2.9%] Switzerland: 2.7% Taiwan: 0.7% [+22.2%] [+6.1%] India: 1.2% Italy: 4.1% [+17.5%] Hong Kong : 1.0% [-8.2%] [+4.3%] Saudi Arabia: 0.2% [-10.2%] Thailand: 1.0% Brazil: 1.2% [-10.2%] [+30.3%] Singapore: 1.1% United Arab Emirates: 0.3% [-3.2%] [+3.6%] Jan – Sept 2012 §  Interest for Haute Horlogerie continues to grow (+7% globally year-over-year) §  BRIC + Asian markets represent nearly 50% of the Haute Horlogerie global brand interest © Digital Luxury Group, DLG SA, 2013 6

7. The Leading Market Research in the Luxury Watch Industry. Since 2004. Haute Horlogerie Search Market Share and Growth Rate in 2012 55% 45% Russia 35% Brazil China Y/Y Growth Rate 25% India 15% France Switzerland Germany 5% U.K. Spain 0% 5% 10% 15% 20% 25% 30% 35% -‐5% Italy Japan U.S.A. -‐15% 2012 Global Search Market Share Jan – Sept 2012 -‐25% §  BRIC markets record the highest growth rates (Brazil +30%, Russia +43%, India +18%) §  Mainland China on its own compromises 31%, increasing by 27% vs. 2011 §  Domestic demand in the US (-‐‑11%) and Japan (-‐‑12%) declining for the ﬁrst time since the study’s publication © Digital Luxury Group, DLG SA, 2013 7

8. The Leading Market Research in the Luxury Watch Industry. Since 2004. The Most Popular Haute Horlogerie brands in 2012 25.0% 23.6% 20.0% Haute Horlogerie Search Market Share 15.0% 12.7% 12.6% 10.0% 9.2% 7.7% 6.5% 5.9% 5.0% 4.3% 4.0% 3.8% 2.6% 2.2% 1.4% 1.2% 1.0% 0.8% 0.6% 0.2% 0.0% Jan – Sept 2012 §  Patek Philippe leads the Haute Horlogerie segment, by a landslide © Digital Luxury Group, DLG SA, 2013 8

9. The Leading Market Research in the Luxury Watch Industry. Since 2004. Growth Rates of Haute Horlogerie Brands in 2012 vs. 2011 Richard Mille +61.0% Vacheron Constantin +26.0% Patek Philippe +10.2% A. Lange & Söhne +8.3% Ulysse Nardin +8.0% Breguet +7.9% Blancpain +7.9% Average +7.1% Jaquet Droz +4.8% Jaeger-LeCoultre -0.5% Audemars Piguet -1.9% Roger Dubuis -3.5% Franck Muller -8.0% Girard-Perregaux -10.6% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Y/Y Evolution of Global Brand Interest Jan – Sept 2012 §  Richard Mille is the fastest growing Haute Horlogerie brand © Digital Luxury Group, DLG SA, 2013 9

10. The Leading Market Research in the Luxury Watch Industry. Since 2004. Top 10 Most Sought-After Haute Horlogerie Collections in 2012 2012 2011  Brand Models Total #1 Haute Horlogerie Model 1 1 = Audemars Piguet Royal Oak 13.50% [13.5% market share] 2 2 = Jaeger-LeCoultre Reverso 9.26% 3 3 = Audemars Piguet Royal Oak Offshore 5.10% 4 4 = Patek Philippe Calatrava 4.49% 5 6 æ Blancpain Leman 4.43% 6 5 è Patek Philippe Nautilus 4.25% 7 7 = Franck Muller Long Island 3.69% Vacheron 8 9 æ Overseas 2.25% Constantin 9 14 æ Girard-Perregaux 1966 2.09% 10 8 è Jaeger-LeCoultre Master Compressor 1.99% SUB-TOTAL 51.04% OTHERS 48.96% Royal Oak TOTAL 100.00% Audemars Piguet Jan – Sept 2012 §  Audemars Piguet’s Royal Oak reinforces its leadership as the #1 Haute Horlogerie model © Digital Luxury Group, DLG SA, 2013 10

11. The Leading Market Research in the Luxury Watch Industry. Since 2004. Global Haute Horlogerie Watch Preferences Differ Japan’s #1 China’s #1 Russia’s #1 [17.8% market share] [30.1% market share] [22.1% market share] 1945 Overseas Leman Girard-Perregaux Vacheron Constantin Blancpain Jan – Sept 2012 §  Local preferences arise, stressing a distinct discrepancy in the Haute Horlogerie inclinations of clients around the world © Digital Luxury Group, DLG SA, 2013 11

12. The Leading Market Research in the Luxury Watch Industry. Since 2004. The Growing Impact of Social Media [Benchmarking Facebook Community Size & Post Engagement Rate for Haute Horlogerie Brands] 3.00% 2.50% A. Lange & Sohne Jaquet Droz 2.00% Franck Muller Ulysse Nardin Engagement Rate 1.50% Vacheron Constantin Average (Jan-Dec 2012) Breguet Engagement 1.00% Rate: 1.17% Richard Mille De Bethune Girard-Perregaux Audemars Piguet Blancpain 0.50% Greubel Forsey Roger Dubuis Jaeger-LeCoultre 0.00% 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 Number of Facebook Fans (at end of Dec 2012) Jan – Dec 2012 §  Facebook conﬁrmed as a strategic communication channel, 670k total fans, up 127% vs. 2011 §  Improved brand social eﬀorts in 2012 as average engagement rate increases to 1.17% vs. 0.8% in 2011 © Digital Luxury Group, DLG SA, 2013 12

13. The Leading Market Research in the Luxury Watch Industry. Since 2004. Online Watch Forums Grow in Importance [Top 10 Most Popular Haute Horlogerie Brands on Selected Watch Forums] 10000000 PuristSPro Purist Pro Time Zone iWatch 365 Number of Brand Post Views 8000000 6000000 Jan – Dec 2012 4000000 2000000 0 +40.4% +297.0% +54.3% +18.8% +9.4% +64.9% -‐‑47.1% -‐‑46.8% +60.6% -‐‑46.2% Jan – Dec 2012 §  41 million total brand post views, up 29% from 2011 §  Watch forums become strategic online destinations for collectors and aﬁcionados §  Patek Philippe, Jaeger-‐‑LeCoultre and A. Lange & Söhne shine in forum popularity © Digital Luxury Group, DLG SA, 2013 13

14. The Leading Market Research in the Luxury Watch Industry. Since 2004. WHO ARE WE? About Digital Luxury Group Digital Luxury Group (DLG) is the first international company to conduct luxury industry market intelligence and use this strategic viewpoint to create and implement unique digital marketing and communication strategies for luxury brands. Since 2004, DLG has been publishing the WorldWatchReport™ a baseline market study for the watchmaking industry in partnership with Europa Star and with the precious support of the Fondation de la Haute Horlogerie. Contact: Tamar KOIFMAN Head of Marketing +41 22 702 07 60 tkoifman@digital-luxury.com Florent BONDOUX Head of Strategy & Intelligence +41 22 702 07 60 Visit our website to get detailed information: fbondoux@digital-luxury.com www.worldwatchreport.com or www.digital-luxury.com © Digital Luxury Group, DLG SA, 2013 14

15. The Leading Market Research in the Luxury Watch Industry. Since 2004. METHODOLOGY . Search Queries Extracted from search engines, the search queries collected in the WorldWatchReport™ encompass a large semantic field of 17k+ keywords related to the brands including synonyms, plurals and misspellings. Languages Search queries are tracked in all major languages according to each key market: Portuguese, Russian, simplified and traditional Chinese, Taiwanese, Japanese, French, Italian, Spanish, German, Thai and Arabic. Search Engines Based on Google, Bing, Yandex in Russia and Baidu in China, the WorldWatchReport ™ covers an average of 85% search market share globally. Data Collection and Analysis Public and professional tools are used to automate search volume collection, thanks to Digital Luxury Group’s strong partnerships with search engines. Once collected, this data is filtered, analyzed and translated into 14 intentions (brands, models, replicas, etc.) using exclusive Digital Luxury Group’s proprietary semantic analysis technology. Brand Grouping Thanks to the contribution and feedback from several watchmaking industry experts from the media, brands and retailers, the following criteria have been taken into consideration to define 5 coherent watch brand categories: - Brand positioning (market and target audience) - Offer (average entry price of key collections) - Volume (similar volume of online demand) -  Competitive environment Harmonization As multi products brands, such as Cartier, Chopard or Bulgari, may generate significantly more search volume than watch-only brands, data is harmonized to identify watch-only demand and exclude demand for other products (for ex. “Cartier jewelry”, “Tag Heuer mobile phone”, etc.). Similar corrections have been made for brands whose names could be associated with other products, such as Montblanc, Omega or Zenith. Social Media engagement rate The engagement rate is a qualitative indicator measuring the level of interactivity between a brand and its community on each Social Media platform. Its calculation is based on the average number of feedback (“Likes” and “Comments”) per individual post published by the brand (“Status Updates”), divided by the number of Fans on date of publication. Brand Forums Popularity on Forums is a quantitative measurement calculated as the total number of views of each post published on the dedicated sections of brands in TimeZone, PuristsPro and iWatch365 from January 1st to Dec 31st, 2012. © Digital Luxury Group, DLG SA, 2013 15

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