New Delhi: India has become the fastest growing market for watches purchased by young consumers who use it as fashion accessories, said Tobias Reiss-Schmidt, President & CEO, Timex Group.
As a traditional watchmaker preparing to deal with Apple, currently the largest watch company in the world, Reiss-Schmidt says conventional players such as Timex position themselves as fashion brands than functional watchmakers.
“Watches are not a utilitarian tool again.
You can see the time on your cellphone,” Reiss-Schmidt told Toi.
“We are in a fashion business, and we are all about surprising and fun consumers through great design and storytelling.” While it partnered with Missoni and Versace for the luxury market, the Dutch-based company has found success in the mass market mode room by partnering with brands like it’s original Adidas, Ted Baker and guessing among several others.
“Smartwatches is an opportunity for us.
But I also saw traditional watches and smartwatch as two separate markets,” said Reiss-Schmidt.
“So, someone who enjoys Smartwatch for part of this day or week can also properly buy traditional watches to come out at night or to be used in other days.” The Timex section in the market that can be worn is not significant but according to the company, the bullish on traditional watches is supported by research.
“I know that there is a general perception that traditional watches are something for the older generation and that younger consumers do not wear traditional watches,” he said.
“But note the habit of wearing a similar age group, our research has shown.
And if you look at this percentage, they are very similar to age groups.” When asked about Indian potential as a traditional watch market, Reiss-Schmidt said the watch penetration here was very low, It is estimated at 35%, and multiple ownership is even lower at 5%.
“So it looks at industrial growth in recent years, the trend is clear that the watch is an important accessory and there is great potential for brands that make trendy iconic watches,” he said.
“And there is strong optimism on the market that is now out of this Covid period.
There are good consumer demand and the overall category is fine.”