Timekeeping Titans: The Battle of Fossil vs Citizen in the World of Watches: Ken Research

 Global Fashion Designer and Manufacturer: Fossil and Citizen Watch Co Ltd Offer Diverse Product Portfolios and Brands in the Fashion and Electronics Industry

Storyline

• Market Overview: Fossil vs Citizen
• Product Range: Fossil's Fashion and Smartwatches vs Citizen's Analog and Eco-Drive Watches
• Technological Innovation: Fossil's Smartwatch Integration vs Citizen's Eco-Drive Technology
• Brand Comparison: Contrasting Fossil and Citizen in the Watch Market

Introduction

Fossil is a global fashion designer and manufacturer known for its diverse product portfolio. Their brands include Fossil, Relic, BMW, Michele Watch, Skagen Denmark, Misfit, WSI, and Zodiac Watches. They offer fashion watches, jewellery, handbags, accessories, and more, sold through their own stores and specialty retailers.

Citizen Watch Co Ltd is an electronic product and watch manufacturer. They produce clocks, printers, calculators, and a range of watches under brands like Eco-Drive One, Campanola, Citizen, and Promaster. They also manufacture machine tools, components like quartz crystals and LEDs, as well as healthcare products and jewellery.

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Market Overview

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Fossil has a diversified product portfolio, including fashion watches, jewellery, handbags, small leather goods, belts, sunglasses, shoes, and soft accessories.

Fossil manufactures and distributes private label brands and branded products purchased for resale in some non-Fossil branded retail stores. It has around 59 offices worldwide, more than 500 company-owned global stores, and business operations in 150 countries.

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Citizen Watch Co Ltd (Citizen) is an electronic product and watch manufacturer. The company offers clocks, printers, calculators, healthcare equipment, analog watches, Quartz oscillators, CNC automatic lathes, low-frequency vibration cutting equipment, Opto-device, switches, and automobile-related products.

Citizen Watch Co. Ltd operates in more than 140 countries spread across Asia, the Americas and Europe. In Europe, the company sold watches under Bulova, Citizen, and Quest & Quality brands.

Product Range:

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Fossil: Fossil offers a diverse collection of watches, including analog, digital, smartwatches, and hybrid watches. Its brands include Fossil, Relic, BMW, Michele Watch, Skagen Denmark, Misfit, WSI, and Zodiac Watches. They cater to various style preferences, with options ranging from classic and minimalist designs to bold and trendy timepieces. Fossil also collaborates with fashion designers and celebrities to create limited-edition watches. Traditional watches and smartwatches are the company’s core global business. Sales of watches for fiscal years 2021, 2020, and 2019 accounted for approximately 80.9%, 81.0% and 81.4%, respectively, of the company’s consolidated net sales.

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Citizen: Citizen offers a wide array of watches, including analog, digital, and Eco-Drive watches. Citizen markets its products under Eco-Drive One, Campanola, Citizen, and Promaster brand names.  They are known for their precision and innovative features such as atomic timekeeping, chronograph functions, and multi-timezone displays. Citizen also provides specialized watches for specific activities like diving or aviation. The company launched three new models, namely AR5030-59L, AR5034-58E, and AR5034-58A, in its Eco-drive One collection. The models were priced at USD 4,500, and they include Cal.8826 Eco drive movement.

Technological Innovation:

Fossil: Fossil has embraced the smartwatch trend and offers a range of smartwatches powered by Wear OS by Google. Their smartwatches provide features like fitness tracking, notifications, music control, and customizable watch faces. Fossil focuses on integrating technology seamlessly into their stylish designs.

Citizen: Citizen has a strong emphasis on technological advancements, particularly with their Eco-Drive watches. Eco-Drive technology harnesses light, whether natural or artificial, to power the watches, eliminating the need for battery replacements. Citizen continuously innovates to improve the efficiency and functionality of their watches.

According to Ken Research: Both Fossil and Citizen are prominent players in the watch industry, catering to different consumer preferences. Fossil's diverse product portfolio and fashion-forward approach appeal to those seeking stylish and trendy watches, including smartwatches. On the other hand, Citizen's focus on precision, innovative features, and their Eco-Drive technology sets them apart as a brand known for reliability and sustainability. With their unique strengths and offerings, Fossil and Citizen continue to captivate watch enthusiasts around the world.

Unveiling the Global Rise of Luxury Watches and Evolving Consumer Trends- Ken Research

 Storyline

• Global luxury watches sales soar, driven by factors like brand awareness and the desire for exclusivity, propelling the growth of the market.
• Switzerland remains a leader in watch production, with Asia emerging as a key market. Market players expand in developing economies to tap into their potential.
• Consumers prioritize quality and branding over price, and technological advancements maintain the demand for luxury watches.
• An emerging trend sees collectors purchasing stylish non-functional timepieces, emphasizing style over substance. The luxury watch market continues to evolve, driven by the Swiss watch industry and changing consumer preferences.

Introduction:

The preference for luxury watches among consumers across the globe has witnessed an up growth owing to the influence of the Swiss watch industry. Although the luxury Market for Watches is quite mature or settled, the predicted growth of any brand across the global market can witness a sudden change at any given moment as a result of a shift in consumer purchase behaviour and patterns.

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1. High End watches sale around the world

As per Retail Dive, USD 5 Mn alone was spent on Rolex watches at Heathrow Airport in August 2017, and the sales in the luxury watches and jewellery category was up a staggering 74%. Additionally, the sales of luxury watches in the United Kingdom rose by 53.5% in October 2017.

Additionally, the increase in brand awareness, the influence of Western trends, and the inherent desire for exclusivity are some of the factors that have been contributing to the increased demand for luxury watches over the review period. These factors are projected to influence the demand for luxury watches over the forecast period, thereby propelling the growth of the Global Watch Market.

2. Switzerland continues to reign as a world leader in the production of watches

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Backed by the strength of its luxury watch business, Switzerland continues to reign as a world leader in the production of watches. Countries in Asia, especially Japan and Singapore, have established themselves as key markets for Swiss watches due to the high consumer spending levels in these regions

 The players operating in the market have been focusing on expanding their presence to developing economies to tap the potential of the market. For instance, Garmin Company has expanded its presence in

India by launching its premium luxury watch collection called the Marq. The company’s line of products offers preloaded features such as built-in storage for music, Garmin Pay integration, smart notifications, and daily activity tracking. The new products also feature wrist-based heart rate and Pulse Ox2 sensors

3. Key factors considered by consumers while making purchase

The key factors considered by consumers while making purchase decisions include the quality and branding rather than the price of the products, as these purchases tend to be status-driven. In the luxury watch industry, improvements in technology and quality without a compromise on durability and comfort have helped maintain the demand for these products. A new trend observed among collectors is the purchase of stylish timepieces which do not work, owing to the prioritization of style over substance.

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According to Ken Research: The luxury watch market continues to thrive globally, with the influence of the Swiss watch industry and evolving consumer preferences shaping its growth. High-end sales, Switzerland's watch production dominance, and consumer considerations contribute to the dynamic landscape of the luxury watch industry.