Even though the watch industry is undergoing an evolution with the emergence for smart wearable segment, traditional watches are here to stay, according to Johnson Verghese, managing director, Fossil India.
“From the time since I have been part of the industry — since about 1989 — the doomsday prophecies for this industry have only been proven consistently wrong,” he said.
“The reality is that there is only so much space and property available on your wrist. I don’t think a watch is ever going to go away from there,” he said.
He, however, added that how people use the watch is undergoing a change. “…there is a space for watch on your wrist. It will continue to remain there. What is it going to do, what is it going to look like… these elements will probably change.”
Asked if it is the end of the road for traditional watches, Mr. Verghese said, “I think they are far away from that… I think it will take time before watches move off the wrist completely.”
Connected watches
He added that the company acknowledged the fact that there was going to be an element of “connected watches” that would get into traditional watches, “but I don’t think traditional watches are dead. It is still a large component of the market, but will consumers want more from their wrists? yes they will.”
Mr. Verghese added that globally, it is pretty clear that consumers are looking not for just activity trackers. “It is very clear that the consumers are looking for mix of fashion and tech… Fashion part is a far more complex game.
“It is not a set of numbers, you can’t define fashion in an algorithm... we have heavily invested in technology. So, I think we are in a good place,” he said.
The company, on Monday, launched its latest range of smart watches with features such as heart rate monitors, swim-proof functionality and GPS. The products are priced at ₹19,995 onwards.
Talking about Indian market, he said that India was one of the very few countries that had the capability and capacity to make every component of a watch. “Additionally, overall, the prospects of the industry are overall linked with the population, their lifestyles and disposal incomes. Therefore, this category will continue to grow…”
On demand coming from beyond the metros, he said that the gap between rural and urban is bridging much faster than it ever did. “because communication is reaching all corners of the world. It is no longer a trickle down effect, especially with e-commerce enabling the company to reach every part of the country.”
