Many shoppers who queued for days ahead of the launch of a new watch from two Swiss brands have listed the timepieces for sale within hours of buying them, with resale prices nearly seven times their original retail value.
A South China Morning Post reporter observed at least 70 people in raincoats and carrying umbrellas queuing in Causeway Bay on Saturday morning, with the line stretching from the Swatch store on Kai Chiu Road all the way around the block to Pak Sha Road.
Queues had been snaking outside Swatch stores across the city since Thursday for the “Royal Pop” collection – a crossover with another Swiss brand, Audemars Piguet, featuring pocket-style ceramic watches available in eight colours.
Hong Kong was one of several Asian markets, alongside Singapore, Taiwan, Thailand and mainland China, where crowds had been queuing for days ahead of the launch.
Just after the sale started as Swatch stores opened in Hong Kong, listings for the watches started appearing on online marketplace Carousell. At least 45 listings have emerged since Friday, with a majority of posts appearing by the hour after the sales launch.
Prices ranged primarily from HK$10,000 (US$1,280) to HK$22,000 – as much as seven times the retail price – with one seller seeking HK$30,000 for the light green and baby blue edition called “Blaue Acht”.