New Delhi: India has become the fastest growing market for watches bought by young consumers who use them as fashion accessories. Tobias Rees-Schmidt, Chairman and Chief Executive Officer, timex Group.
As traditional watchmakers prepare to face off against Apple, currently the world’s largest watch company, Rees-Schmidt said traditional players such as Timex are establishing themselves as fashion brands rather than makers of functional timepieces. Huh.
“The clock is no longer a utilitarian device. You can see the time on your phone,” explained Rees-Schmidt You, “We’re in the fashion business, and we’re going to surprise and delight consumers through great design and storytelling.”
While it has partnered with missoni And Versace For the luxury market, the Netherlands-based company breaks into the mass-market fashion space by partnering with brands adidas originals, Ted Baker and seems to be among many others.
“Smartwatches are an opportunity for us. But I also look at traditional watches and smartwatch as two separate markets,” Rees-Schmidt said. “So, someone who enjoys a smartwatch for some part of the day or week can also buy a traditional watch for going out at night or wearing on other days.” Timex’s share of the wearables market isn’t significant, but according to the company, its boom on traditional watches is backed by research.
“I know there is a general perception that traditional watches are something for the older generation and that younger consumers are not wearing traditional watches,” he said. “But watch-wearing habits are the same across all age groups, our research showed. And if you look at these percentages, they’re very similar across all age groups.”
When asked about India’s potential as a traditional watch market, Rees-Schmidt said watch penetration here is very low, estimated at 35%, and multiple ownership is less than 5%. “So looking at the development of the industry over the past few years, the trend is clear that watches are an important accessory and there is great potential for brands that make trendy iconic timepieces,” he said. “And there is a strong optimism in the market which is now c.
As traditional watchmakers prepare to face off against Apple, currently the world’s largest watch company, Rees-Schmidt said traditional players such as Timex are establishing themselves as fashion brands rather than makers of functional timepieces. Huh.
“The clock is no longer a utilitarian device. You can see the time on your phone,” explained Rees-Schmidt You, “We’re in the fashion business, and we’re going to surprise and delight consumers through great design and storytelling.”
While it has partnered with missoni And Versace For the luxury market, the Netherlands-based company breaks into the mass-market fashion space by partnering with brands adidas originals, Ted Baker and seems to be among many others.
“Smartwatches are an opportunity for us. But I also look at traditional watches and smartwatch as two separate markets,” Rees-Schmidt said. “So, someone who enjoys a smartwatch for some part of the day or week can also buy a traditional watch for going out at night or wearing on other days.” Timex’s share of the wearables market isn’t significant, but according to the company, its boom on traditional watches is backed by research.
“I know there is a general perception that traditional watches are something for the older generation and that younger consumers are not wearing traditional watches,” he said. “But watch-wearing habits are the same across all age groups, our research showed. And if you look at these percentages, they’re very similar across all age groups.”
When asked about India’s potential as a traditional watch market, Rees-Schmidt said watch penetration here is very low, estimated at 35%, and multiple ownership is less than 5%. “So looking at the development of the industry over the past few years, the trend is clear that watches are an important accessory and there is great potential for brands that make trendy iconic timepieces,” he said. “And there is a strong optimism in the market which is now c.
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