I love wearing watches, but a good brand comes with a hefty price tag. The final marked up price is almost 1000% and I aim make this a more affordable.
The watch that you are wearing only cost a fraction of what you paid for. Brands invest heavily on marketing and portray an image of luxury and quality. Ultimately, you are under the false impression that you get what you paid for. I am designing watches that offer a look that is perfect for any occasion and offer the best quality materials. By connecting my customers, straight from my manufacturers, I am able to keep the retail price down by almost 50%.
- In contact with manufacturers
- Beta website ready
- 5 deigns are ready for manufacture, for our launch
- Prototype manufacture is ready to start, commencing March 2018
I have designed a line of 5 watches for the initial launch. I am talking to my manufacturers at the moment and we are agreeing on delivery of prototypes, as we speak. A website is on its way as well. I have built several websites before and this is a trivial task as the design and layout of the website is all ready to go.
Short term goals:
1. Get prototypes tested by mid April, 2018.
2. Get website and social media presence started by May 2018.
3. Order first batch of product by end April 2018
4. Design winter line, ready for launch before Christmas 2018
Along with returning the investment overtime, I plan to use the left-over profits to give something back to the society. I plan to conduct week long programs and teach in illiterate parts of the world. After gathering a team of volunteers, I wish to enlighten students in various fields, such as engineering, medicine, science etc. If we are successful in doing so, I plan to sponsor the student(s), to make a lasting impact.
The watch industry is booming.
Number of watches sold annually is more than 1.3 billion, out of which almost 77% belongs to automatic watches and 23% belongs to quartz.
UK is the 8th largest market for watches and there is a growth of 2.8%, yearly, in the UK alone. In 2016, the UK watch industry made £ 1060 million, in sales, which is a whopping 20% increase, compared to 2015.
There are a tonne of competitors, including Swatch group, Rolex and Richemont group. Swiss watches are the biggest player in the market and have accumulated 25% of the market share, followed by Rolex, which own 21%. However, our market falls under the AFFORDABLE - REFINDED and AFFORDABLE - SPORTS watches. So our main competitors, include CK, SWATCH, to name a few.