BackBig Scale, big value
Big Scale, big value
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Having joined the Timex Group as president and chief executive officer in February 2011, this was just Gary Cohen’s second visit to BaselWorld. Cohen came to the brand with a stellar record of developing international brands and distribution networks. Some of his previous pet brands include Oral-B and Gillette’s phenomenally successful Mach3. Now Cohen and the Timex Group hope he will bring some of that flair and success to watches. Cohen spoke to Indulge at Basel. Edited excerpts:
How different are watches as a category from all the other businesses you’ve handled before?
Was there anything that surprised you when you joined Timex? An element of the business that struck you as unique?
Just the sheer number of brands, competitors and watchmakers, and the amount of awareness about watches in general. I was into watches. I used to wear multiple watches, but I think I was totally surprised at just how many independent watchmakers there are, and how many watches and how many competitors there are globally.
Strategically, what do you want to do with your brands? Do you want to create more Timex-owned brands? What is the strategy for the licensed brands?
Well, I think as a benefit of being a global company with a broad portfolio, we are able to take advantage of the economic nuances around the globe So, for example, last year, we knew that Asia and the Middle East had a resurgence of the fashion luxury category in general. Many of our watches that were positioned in those markets did very well.
Our mass brands didn’t do as well, but now some of the mature markets are coming back in terms of economic growth. The US seems to be getting better, and so does Australia. We are also seeing our mass brands grow at the same time. It would be nice to have one year with every country and every part of our portfolio working to the top of their potentials.
That would be the ideal year but the benefit of a portfolio is that we can actually balance the economic turbulence. Which one bodes well for you in India?
Have you changed the way things work at Timex? Have you brought in your own style to the way Timex functions?
I am very focused on combination of passion and design.
Passion, because the employee base that we have is totally committed to a category, totally committed to the brands, and my job is to make sure that I can build on that passion, infuse my own, and try to make the best watches we can. And then bring a little bit more of a global portfolio in terms of how we launch markets, how we attack the consumer segments.
That is what my goal is: to get us ready to develop more new products faster, use our design capabilities, leverage our Girogio Galli design studios in Milan, and make sure that we can bring as many of those influences to all of our products as fast as we can.
Will you be looking at creating new brands or consolidating the existing ones?
I think it is going to depend on the market; we don’t really talk about our future plans in that area. We do have a pretty robust portfolio and my main focus over the next year or two is to make sure that we focus and grow the brands that I have inherited. They are like little children, they all have their own needs, and we need to make sure that they are all successful. We will then be able to look at other strategic opportunities.
Have you become a more discerning watch consumer yourself now?
Without a doubt.
Have you become more sensitive to watches?
Just the nuances of craftsmanship and handmade designs as I walk around and see some of the independent watchmakers that make one or two watches at a time.
You learn a lot about the nuances and the intricacies of the category. As a mass player, our job is to maybe bring some of those design elements or some of that craftsmanship into our product line for the masses. I think we can do that very well with design or by bringing in some of our independent movements. To bring what I would call some of the higher technology to the masses at a very affordable price point. Something like the Intelligence Quartz, which has our own movements that can measure depth up to 60m, we can offer to the consumer for $185-200. You can’t get that in other product lines.
How has the move to Timex affected your own lifestyle?
I feel like I am on a plane all the time.
Last year, I spent time visiting all of our facilities, getting to know all of the people in our company. We are a global company, we are a large footprint, and as I came out of last year, I needed to actually get up to our retail partners and try to meet as many of them as possible.
For me, a good day is when I am on a retail visit, when I am tracking our employees, when I am trying to see how I can help them. I learn more when I talk to my own team about what they see happening in the market place. And they give me the best advice when it comes to new products or how to run the company. That is the benefit of having an engaged workforce. I
sidin.v@livemint.com
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