The American fashion watchmaker, Fossil Group, has already drawn attention with its quartz watches, leather belts, and handbags. The fashionable Fossil smartwatches and the related accessories have made the company successful since its establishment in 1984. The younger generation looking for the best smartwatch to buy prefers Fossil’s products.
However, while looking at the present watch market, you can find 2 major segments. One of them is obviously smartwatches, while the other one is high-end mechanical watches designed by Swiss makers. The target of Fossil is to introduce new products, increase the market share, and continue its operations in India and China. But, Fossil has struggled hard to dominate the watch market in India.
The beginning of the Fossil’s journey in India
Fossil set up its first fashion watch store in India in 2007. In 2016, the company entered the world of smartwatches. No doubt, it was one of the early players in the smartwatch business in India. Presently, India ranks third in terms of the smartwatch market size.
With consistent effort, Fossil has considerably grown its business over the years. That is why it has successfully launched the Gen 6 smartwatch in India and the global markets. The Gen 6 is equipped with Wear OS 3 found in other Fossil smartwatches.
According to Fossil’s Managing Director, Johnson Verghese, it was the first the company had synchronized its launch of smartwatches in India and other countries.
Availability of Fossil’s smartwatches
Needless to say, Fossil started designing smartwatches earlier compared to other legacy watchmakers. Moreover, the company has paid special concentration to the way of selling smartwatches. It knows that Department stores are not the only place for the best smartwatch to buy.
So, Johnson Verghese has thought of connecting with the most popular watch retailers in the country. Today, customers can visit electronic stores to purchase Fossil smartwatches. However, the company has also opened different distribution channels to increase the number of sales in India.
At present, Fossil’s timepieces are available in more than 160 departmental showrooms and 500+ multi-brand retail outlets across India. But, there are also exclusive retail stores providing product customizations and customer services.
While inaugurating a showroom, Verghese has claimed that there is an increasing demand for lifestyle accessories and trendy watches. Especially the youth in India has become curious about these products. Verghese has felt that its company is playing a dominating role in this sector in India. So, his company does not like to shift its business to somewhere else.
Along with the best smartwatches in India, the company offers several lifestyle accessories like leather handbags, jewelry, and wearables under its own brands (Fossil, Misfit, Michele, and Zodiac).
The company has launched a manufacturing unit in Madhya Pradesh for importing and exporting timepieces from its international facilities in Switzerland, Hong Kong, and China. Moreover, it is trying to grow its manufacturing unit at Parwanu, Chandigarh. Presently, the company has introduced watches under different categories- Smart, Traditional, and Hybrid.
But, according to Verghese, the market for Smartwatches is growing rapidly. His team feels proud of entering the digital sphere earlier. The famous celebrity Shruti Hassan has inaugurated another new showroom that displays the Generation 4 smartwatches and the brand’s Holiday collection.
The Managing Director has said that his company has witnessed the fastest growth in the past few years. Although offline retail outlets play an important role, it has tied up with the eCommerce platforms. So, the online chains are the significant growth drivers of the watch company. Right now, the eCommerce world is contributing almost 15% of its total sales.
For those of you who are equal parts technology and style obsessed, meet our answer to display smart watches: the Fossil smart watch. When cutting-edge technology meets good design, it’s the start of a beautiful (and smart) relationship. Our smart watches feature smart technology styled into watches that stay in tune with your essential fitness apps. Fossil smart watches are compatible with Android and iOS operating systems, but yet look the part of your favorite watch.
Challenges in the path of success
Like other manufacturers, Fossil uses chips for its products, and thus, the global semiconductor shortage problems have affected the business. Still, the company hopes that it will restore its position in 2022, and the chip-related issues will be solved.
Potential buyers looking for Fossil smartwatches on EMI in India can choose the electronic-store of Bajaj Mall. You can find a range of electronic products, including smartwatches. There is also a no-cost EMI option for buying costlier products.