IWC's 'panda' watches on sale in China

Swiss luxury watch brand IWC Schaffhausen launched its products made for the Beijing International Film Festival in April. The limited edition series of 50 timepieces are being sold in Beijing and Shanghai, and have earned the name "panda watches" because of their black and white colors.

Each watch is priced at 97,000 yuan ($15,646).

"Chinese is our largest consumer group and they are buying our products worldwide. It's clear that China is the most important market for us in Asia," Goris Verburg, managing director of IWC Schaffhausen North-East Asia, said at a recent media conference in Beijing.