When Swatch's much anticipated 'Royal Pop' collaboration with luxury watchmaker Audemars Piguet (AP) dropped on May 16, numerous boutiques sold out within hours of opening.
Marketers have drawn comparisons between the Royal Pop and Labubu, noting that luxury is increasingly borrowing the collectible-drop model that Pop Mart had pioneered with Labubu.
Consumers began lining up outside Swatch's Causeway Bay outlet as early as four days before ahead of the drop. Meanwhile, in Singapore, the watches sold out in under two hours at the ION Orchard boutique. The Royal Pop launched across at least 10 markets globally, with four in APAC: Hong Kong, Singapore, Japan, and Australia.
The watch is available in eight colourways and is not limited edition. These cost between US$400 and US$420, significantly below AP's ultra-luxury price point.
On the secondary market, the Royal Pop was hit an average of $905 on StockX, up to US$2,820 in Hong Kong, and between US$1,350 and US$5,550 on Singapore resale platforms.
According to Carma Asia data shared with Campaign, AP and Swatch's brand reputations both took a hit at launch.
AP's negative sentiment rose from 15.4% to 28.1%, while Swatch's flipped from 16.1% pre-launch to 43% negative, driven by luxury collectors citing brand dilution and backlash against hype and reseller culture. Overall sentiment ran 53% neutral, 31% negative, and 16% positive, with the majority driven by transactional conversation around queues, drops, and price.
Keywords like "drop," "queue," "buy," and "limited" dominated, with "chaos" and "frenzy" appearing alongside "accessible" and "affordable" and "iconic". Some 53% of the online conversation was neutral, reflecting significant product discovery.
Still, the launch's success points to strong commercial demand for highly curated products that consumers can self-style and participate in, particularly in the luxury segment.
The collectible economy and the Gen Z consumer
The collaboration was first confirmed on May 9, following a weeks-long teaser campaign that began at Watches and Wonders in Geneva in April, where Swatch placed print ads reading: "The real wonders are happening in May." On May 3, Swatch's Instagram posted a video showing only the words "Royal Pop x Swatch" with no product imagery.
Marketers noted the Royal Pop reflects luxury's shift towards collectibles with attachable identities. In this case, it's a pocket watch designed to clip onto bags, much like Labubu, and priced accessibly enough to manufacture the same kind of drop-culture hype.
2025 research by Kantar describes a generational shift in how luxury is consumed. Where millennials purchased as a status marker, Gen Z treats luxury as a tool for self-expression and identity curation. Legacy brands like Miu Miu's launched bag charms that drove a 49% sales surge in H1 2025, similar to the commercial upside seen with Stanley cups, and keychain-adorned designer handbags.
Gustaf Wick, Business Director at Mahlab ASEAN, said the Royal Pop's format positions it closer to the collectible category than the conventional watch segment.
"They may not be making a watch at all. They may be making the new Labubu —a collectible, wearable, attach-it-to-your-Birkin piece of cultural shorthand that sits at the intersection of horology, streetwear, and the kind of quiet luxury signalling that Hermès has built a religion around," Wick wrote on LinkedIn, adding that it's "an identity purchase."
Lucila Lannes, social strategist at Bread Agency, previously told Campaign that the blind box model Labubu popularised transformed product into experience. "What made Labubu a genius idea was its blind-box model. It transformed a product into an experience, an 'unboxing' show to broadcast to an audience," she said.
Jacob Cooke, CEO, WPIC Marketing + Technologies observed that luxury brands have pivoted to these highly-curated, wearable formats to gain cultural relevance.
"Global brands are using Labubu-style IPs as cultural translators rather than mascots. In luxury, lifestyle, and even QSR, these characters soften brand entry points and make collaborations feel playful rather than transactional," he added.
Randy Wong, General Manager (SEA & TR) at Tumi, explained that the Royal Pop's lanyard format resonated strongly with younger consumers than a wristwatch would have.
"Lanyards, pendants, and chain-worn accessories are not alien to a generation raised on streetwear and festival culture. Wearing a timepiece around your neck rather than your wrist is, in that context, a statement of style fluency rather than an oddity," Wong wrote in a post.
AP is positioned firmly in the high-net-worth segment, a demographic that skews older. Oliver Ellerton, managing partner at Ellerton & Co, said the collaboration addresses a long-term brand perception risk that expensive heritage brands consistently face with younger consumers.
"This collaboration is about fun, creativity, and joy. The DNA of the Royal Oak is in this product. For such a storied, serious brand, the ability to let its hair down and have a bit of fun can add a lot of brand value," he said.
Source: Campaign Asia-Pacific
