Year-round sunshine and advantageous tax policies for the rich have made Miami a magnet for high-net-worth individuals, celebrities and entrepreneurs. Over the past decade, the city has experienced a millionaire growth rate of 75 percent, according to data from New World Wealth. Now, following that migration, high-end watch brands are arriving in a second wave, accelerating a trend that began almost a decade ago.
Last month, for example, the city was host to LVMH Watch Week, an annual event to introduce new models that LVMH, the world’s largest luxury group, has previously held in such watch-conscious cities as Singapore and Dubai, United Arab Emirates.
“This year we wanted to focus on the United States — which is TAG Heuer’s No. 1 market — and Miami has been one of the most dynamic cities in the United States in the past years,” Julien Tornare, TAG Heuer’s new chief executive, wrote in an email. “In Miami, we connect with the Latin America region and reach the entire Americas territory.”
There also have been notable retail openings and expansions. In April 2023, Ralph Lauren inaugurated a 4,135-square-foot retail space in the Miami Design District, bringing its high-end fashion and watch collections under one roof. In 2022, Patek Philippe opened its second free-standing store in the United States, a 2,600-square-foot space in a landmark Design District building.
And in 2019, Swatch Group moved the U.S. headquarters of Omega here, four years after it had transferred its midrange brands, including Longines, from Weehawken, N.J.
