chintu
505
A tough year for the Independents
Independent Watchmakers have brought life and excitement to the watchworld through their pathbreaking designs, horological innovations and superlative finishing.
Most independents have managed to establish a design language that uniquely identifies them and resonates with collectors.
They have ventured onto paths where the marquee brands would not dare, given their eyes on the P&L only.
This bright spark, amidst the staid business of horology, is now facing the uncertainties brought on by covid19.
Events and watch shows that would have given the Independents a forum to showcase their works of horological art, have been cancelled in quick succession. Opportunities to meet with distributors and dealers lost.
While the major brands can hunker down and wait it out to the next year, Independents need the watches , albeit being of a small volume, to keep going out to customers and get their cash-flows in.
By an large the price point at which the independents operate, cater to customers that would still continue to afford these pieces, but may be deferring their purchases for six months or more.
Economies and stock markets are witnessing degrowth and it can only add to the uncertainty.
This will take its toll on Independents which operate with employee strengths ranging from just a dozen to a couple of 100s.
Every passing month will mean a tightening of the belt and the urgency to smart-manage working capital to stay afloat.
Several may find that quite a challenge and some may have to shutter down the operations if the recovery is delayed beyond 3 quarters.
One way for the independents to weather this situation could be to offer a subscription model of pre-selling the watches to existing and referral customers, with a very modest profit only and therefore keep the work and their craft alive and going.
I am hoping to see the Independents reach out not only directly, but perhaps through forums as this to open up subscription to their upcoming releases, to be delivered in a 12 month time.
This could be a great moment for all the forumners to support the Independents.
regds
Chintu
A tough year for the Independents
Independent Watchmakers have brought life and excitement to the watchworld through their pathbreaking designs, horological innovations and superlative finishing. Most independents have managed to establish a design language that uniquely identifies them a...
Very nice sentiments, Chintu
I am sure everyone here is rooting for them as much of the creativity today in the industry is seen in the Indy space first.
Thoughtful post.
And a good idea. I wonder if any Indies have thought about a subscription business.
