WHAT economy?? asked Stephen Urquhart, deadpan, at the opening of the Omega flagship boutique in Greenbelt 5, Makati, on Monday.

Urquhart, president of the 160-year-old Swiss watchmaker, was visiting the Philippines for the first time to inaugurate the store, Omega?s second in the country. The shop is one of eight luxury watch boutiques opened this week by the Lucerne Group at Greenbelt 5, in a watch hub row it calls Treasures.

?Everybody?s talking about doom and gloom,? he continued. ?All I know is that everybody was wrong on the way down because nobody foresaw what happened.? After a pause, he smiled. ?I just hope everybody?s wrong on the way up.?

Urquhart had just come from Japan for a James Bond-Omega event the day before. He did acknowledge that his company, to some degree, has felt the effects of the financial crisis.

?The countries where there?s a big link in credit buying, the business is a bit affected,? he said. ?But the consumer is still quite buoyant. I?m not saying they?re oblivious, but a bit more careful... Good thing the world leaders are acting in a synchronized way, as this has affected the whole world.?

As for Omega, he said they?re continuing with their own strategy, which is to accelerate the company?s activities.

?This is a great opportunity. When we come out of this situation, we will be stronger than we were.? Proof, he added, is the new Greenbelt boutique, a huge store to open next year in New York City?s Fifth Avenue, and the Japan event graced by new Bond girl Olga Kurylenko. ?For now, we?re weathering the storm.?

Omega continues to be a dominant player in the luxury watch trade, no small thanks to its ?pretty good choices? of celebrity brand ambassadors.

Big role

At the opening, the boutique raffled off a Seamaster Planet Ocean watch with its box autographed by actor George Clooney. Its other ?faces? include Formula One champion Michael Schumacher, supermodel Cindy Crawford, Oscar-winning actress Nicole Kidman and, of course, its longstanding ties to 007.

At the Greenbelt event, Urquhart cut the ribbon with local show-biz couple Lucy Torres and Richard Gomez.

?History plays a big role in our DNA,? Urquhart said. ?We have a very rich history. Omega has done everything. We?ve been to the moon, to the bottom of the ocean, the Olympics, aviation, precision movements, timekeeping records... It?s a vast business. And we have quite a young image, especially with James Bond.?

While it?s 50-50 male-female in total sales, he said Omega is facing a challenge on how it can hold a better grasp of the female market.

?To be honest, in terms of image, it?s still more male, although Cindy Crawford and Nicole Kidman are helping a lot,? he said. ?We still have more room to make our ladies? collection even more appealing. Problem is, the ladies are buying men?s watches [for themselves] more and more. It?s difficult to say what a lady wants,? he added in mock exasperation.

Despite the odds, Urquhart is optimistic about smaller markets like the Philippines.

?It?s the pioneering spirit,? he said. ?This mall here, for all I know, I could be sitting in Singapore or London. You can?t tell the difference. The average income is lower than in some other countries. But the potential is tremendous.?