reiss-schmidt: India’s fastest growing fashion watch market: Timex
As mainstream watchmakers prepare to take on Apple, currently the world’s largest watch company, Reiss-Schmidt said mainstream players like Timex are positioning themselves as fashion brands rather than manufacturers of functional watches.
âThe watch is no longer a utility tool. You can see the time on your phone, âsaid Reiss-Schmidt YOU. âWe are in the fashion business and we all seek to surprise and delight consumers with great designs and storytelling. ”
While partnering with Missoni and Versace for the luxury market, the Netherlands-based company has found success in the mainstream fashion space by partnering with brands such as Adidas Originals, Ted Baker and Guess, among others.
âConnected watches are an opportunity for us. But I also see traditional watches and smartwatches as two separate markets, âsaid Reiss-Schmidt. “So someone who likes a smartwatch for part of the day or part of the week might just as well buy a traditional watch to go out at night or wear it on other days.” Timex’s share of the wearable market is not significant, but according to the company, its optimism about traditional watches is supported by research.
âI know there is a general perception that traditional watches are something for the older generation and young consumers don’t wear traditional watches,â he said. âBut watch wearing habits across all age groups are similar,â our research has shown. And if you look at these percentages, they’re very similar across age groups.
Asked about India’s potential as a traditional watch market, Reiss-Schmidt said watch penetration here is very low, estimated at 35%, and multiple ownership is even lower at 5%. âLooking at the growth of the industry over the past few years, the trend is clear that watches are an important accessory and that there is great potential for brands that make iconic, fashionable watches,â he said. -he declares. “And there is strong optimism in the market which is now c