Time Watch reaps online rewards
Time Watch Investments has announced a 40 per cent increase in sales of its watches through e-commerce channels in its financial results for the year ended June 30.
Revenues increased by 7.2 per cent to HK$2.96 billion (US$ 378.7 million). Time Watch’s gross profit margin increased by 3.3 percentage points to 70.2 per cent for this year and its profit attributable to the company’s owners reached $291.4 million.
The group has been involved in the e-commerce business since 2013, during which time it has entered into strategic co-operations with several major online sales platforms, such as Tmall and JD. In order to capture a younger market, the firm’s Tian Wang and Balco.
Watch brands have been positioned online at a low price in the fast-fashion category. That strategy has led to a significant increase in sales of these watches by around $164.4 million to $575 million
The firm’s e-commerce business has achieved double digit growth in the sale of watches for five consecutive financial years since its establishment.