Why demand for luxury timepieces is rising in Nigeria – Franck Muller CEO

Nigeria’s growing economy and rising interest in sophisticated watchmaking are driving increased demand for luxury timepieces, according to Nicholas Rudaz, Chief Executive Officer of Swiss luxury watchmaker Franck Muller.

Rudaz made the comment during a visit to Nigeria.

He said Nigeria is becoming an increasingly important market for luxury brands, with consumers showing greater interest in high-end watches and the technical craftsmanship behind them.

Increase in demand driven by economic growth

Rudaz attributed part of the increase in demand for luxury watches to the country’s economic growth, noting that Nigerian consumers are becoming more knowledgeable about the international watchmaking industry.

• “From what I see, it’s very much a growing market. We have lots of opportunities for our people to enjoy luxury. So it’s a great opportunity for us,” he said during a visit to Nigeria.
• “Nigeria is definitely growing. Nigerians are definitely asking for more complications. They are becoming more educated in the foreign world of watchmaking. And there is definitely an increase. And that increase is due partly to the fact that there’s more GDP in Nigeria,” he said.

AI to support, not replace, traditional watchmaking

Despite the growing use of artificial intelligence across industries, Rudaz said the technology is unlikely to replace the skilled craftsmanship required to produce luxury watches.

He explained that Franck Muller currently uses AI mainly for administrative tasks and to help visualise early-stage designs, particularly when developing limited-edition pieces.

• “AI is not going to revolutionize the watch world immediately. And you will always need a very talented and skilled craftsmen and crafts ladies at every single level. Where we use the AI is more in administration for doing letters and boring stuff like that,” he said.

Rudaz added that AI can help the company communicate design concepts more effectively by producing initial visual impressions before a final design is developed.

• “But AI also is very good to share an idea. If we want to make a limited edition, if Jennifer comes to me and she says, I want to make a limited edition, but this is this, she can quickly have some first impression of the design,” he said.
• “In that sense, it’s very easy to share and to communicate an idea visually. And everyone with AI can actually do that. But of course, AI will never be enough in itself to produce the watch.”

Gold and precious stones sourcing

Rudaz said Franck Muller does not purchase gold directly from Nigerian miners, explaining that the company buys the metal through UBS Bank in Geneva, Switzerland.

He noted that much of the gold used by the company comes from Africa, although the bank handles the sourcing, making it difficult for Franck Muller to identify the origin of every batch.

• “Actually, when we buy gold, for example, which most of it has come from Africa, we simply buy it from the UBS Bank in Geneva. So, we don’t actually trace every single gram of gold that arrives inside our factory, because we just buy it from the UBS Bank,” he said.
• “And it’s up to them to do the sourcing. So, unfortunately, I cannot tell you if our gold comes from Nigeria or not.”

He added that the company sources diamonds and other precious stones through suppliers in Belgium and India rather than directly from mining companies.

Luxury market shows resilience amid economic pressures

John Obayuwana, Founder and Chief Executive Officer of Polo Luxury Group, said the visit was intended to strengthen awareness of the Franck Muller brand and deepen its relationship with Nigerian collectors.

According to him, customers who purchase luxury watches are generally less exposed to the effects of inflation and economic downturns, helping to sustain demand even when broader economic conditions weaken.

• “People that collect this piece are not too subject to inflationary trends or economic downturns. They sit pretty. So for them it’s a matter of choice. These guys are sitting pretty,” he said.

He added that the market has continued to record growth, although the pace varies from year to year.

• “So year on year we see growth. Some years are more than others. Some slowly, but we don’t see this boom-and-bust down,” he said.

Who is buying luxury watches in Nigeria?

Jennifer Obayuwana, Executive Director of Polo Limited, said Franck Muller’s Nigerian customer base includes entrepreneurs, business leaders, senior professionals, celebrities, bankers, and lawyers.

She explained that the brand’s broad product range appeals to customers with different tastes, from those seeking elaborate designs to professionals who prefer more understated pieces.

• “Our customers are mostly entrepreneurs, captains of industry, and top professionals. But don’t forget, because of the savoir-faire of Franck Muller, we have top celebrities in Nigeria wearing them, including bankers,” Obayuwana said.
• “Because Franck Muller has a range of products. So, they have more decorated pieces. They have elegant pieces. They have understated pieces for the bankers. You know, bankers and people in the finance industry like to be understated.”

Rudaz also highlighted the brand’s Master Banker watch, which allows users to track three time zones through a single timepiece operated by one crown.

He said the watch offers a distinctive mechanism for switching between time zones and can also accommodate time differences of 30 minutes.

Franck Muller deepens Nigerian market engagement

Rudaz’s visit comes about a year after executives of luxury jewellery and watch brand Cartier, led by Maud Rinaldi and Hussein Younsi, visited Nigeria.

The engagement highlighted Cartier’s relationship with Polo as its long-standing retail partner in the country, with both companies exploring opportunities to expand their presence and improve customer engagement in the Nigerian luxury market.

Franck Muller’s latest engagement similarly reflects the interest of international luxury brands in Nigeria’s affluent consumer segment as demand for high-end watches and other luxury products continues to develop.